Anglo American plc (AAL.L) said it has agreed to sell Moly-Cop and AltaSteel to OneSteel Limited for a total consideration of US$932 million on a debt and cash free basis.
The Business consists of the grinding media and steel products businesses of Anglo American located in North and South America, and includes the joint venture interests in the Donhad grinding media business in Australia and GenAlta Recycling Inc. in Canada.
As per the agreement, economic interest in the Business passes to OneSteel with effect from 1 July 2010. Completion of the transaction is conditional on antitrust clearance in Canada and it will undergo regulatory review in Australia and Brazil.
Further, Anglo American will continue to progress its divestment programme announced in October 2009 in a manner and to a timetable that maximises value to its shareholders. This programme includes the sale of the Scaw Metals Group based in South Africa.
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