Anglo American completes sale of Scaw South Africa

Diversified mining titan Anglo American has completed the sale of Scaw South Africa, South Africa based integrated steel maker, to an investment consortium led by the Industrial Development Corporation of the same country.

The company sold for R3.4bn (c. $440m) on a cash and debt free basis.

The sale was originally announced in late April 2012, which Cynthia Carroll, Chief Executive at the time, said: "The sale of Scaw brings the total announced proceeds from our divestments of non-core assets to $3.7bn since 2010, maximising value from these businesses for our shareholders.

MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

"This acquisition will contribute positively to the South African government's industrial development objectives by enabling the IDC to play a meaningful role in the strategically important steel industry."

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.