Anglo American sells Scaw South Africa for USD 440mn.

By bne IntelliNews April 25, 2012
Global miner Anglo American said it has signed an agreement to sell Scaw South Africa, an integrated steel maker, to an investment consortium led by South African state investment agency Industrial Development Corporation (IDC) for USD 440mn on a debt and cash free basis. The deal follows the sale of Scaw`s international businesses, Moly-Cop and AltaSteel, to Onesteel in December 2010 for USD 932mn, and is part of Anglos efforts to divest non-core assets. The sale of Scaw brings the total proceeds from Anglos divestments of non-core assets to USD 3.7bn since 2010, the companys CEO Cynthia Carroll said. The transaction is subject to regulatory approvals and is expected to be finalised by the end of this year. The partners of ITC in the consortium that bought Scaw South Africa are Izingwe Holdings, Shanduka Resources and the Southern Palace Group of Companies.
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