Anglo Sells Stake in Platinum Spinoff for $2.5 Billion (2)

Anglo American Plc sold its 19.9% stake in Valterra Platinum Ltd.for 44.1 billion rand ($2.5 billion), just three months after spinning off the platinum mining business.

About 52.2 million Valterra shares were sold for 845 rand apiece to institutional buyers, Anglo said Thursday after announcing the bookbuild the previous day. That was a discount of 8.6% to Valterra’s closing price on Wednesday.

Shares of Valterra fell 3.6% to 891 rand as of 9:37 a.m. in Johannesburg, paring their gains since the split to 26%. Anglo rose 1.6% in London.

Valterra, formerly known as Anglo American Platinum, listed as a ...