Thanks to nottyR6,stirlo,groundhog7,uspaul666,snowey, for Donating to support the site
Ango American has entered into definitive agreements to sell two royalties to Taurus Funds Management ("Taurus") for a total of up to US$195 million in cash: comprising an upfront cash payment of US$150 million and up to US$45 million of deferred cash consideration that is subject to certain conditions.
Anglo American to generate up to US$4.9 billion of total cash proceeds from sale of steelmaking coal business: agrees sale of remaining steelmaking coal portfolio to Peabody Energy for up to US$3.8 billion
Jefferies upgraded Anglo American to 'buy' from 'hold' on Friday and lifted its price target to 2,850p from 2,500p following the recent share price decline.
"There are still risks related to the timing and value capture associated with Anglo's planned restructuring, especially in the case of De Beers, but we see value and potential positive catalysts in Anglo's shares following the pullback from this past summer's highs," Jefferies said.
Jefferies noted Anglo's recent announcement of the sale of its met coal business in two separate transactions for a potential maximum value of $4.875bn, of which $1.0bn is contingent on coal prices and the restart of the Grosvenor mine.
Based on the bank's met coal price forecasts, Anglo's commentary on the likelihood of an eventual Grosvenor restart, and its modelled interim coal cash flows, Jefferies estimated an NPV of $4.1bn for this business.
Separately, it noted that Anglo has begun to offload its controlling stake in Amplats, with an initial sale of 13.94m shares in September for about $400m - reducing its stake to circa 73.7% - and a second share sale of 17.5m shares earlier this week at a discount of about 9%, for $527m.
Anglo is expected to fully de-merge this business in 2025 by distributing the remaining shares to its own shareholders, it said, adding that "a de-merger of Amplats should be a positive catalyst for Anglo's shares".
Return to “Company Share news (LSE Main Market)”
Users browsing this forum: No registered users and 4 guests