Anglo American Plc said it’s agreed to sell its steelmaking coal business to Peabody Energy for a fee that could rise to as much as $3.78 billion, as the miner’s restructuring gathers pace.
Thomas Biesheuvel and Dylan Griffiths -- Anglo American Plc agreed to sell its steelmaking coal business to Peabody Energy Corp. for a fee that could rise to as much as $3.78 billion, as the miner’s restructuring gathers pace.
“The sale of our steelmaking coal business is another important step towards delivering the strategy that we set out in May to create a world class copper, premium iron ore and crop nutrients business,” Anglo Chief Executive Officer Duncan Wanblad said in a statement announcing the sale Monday. For Peabody, the deal will propel it toward the handful of producers that dominate the seaborne market for steelmaking coal. Currently the BHP Mitsubishi Alliance joint venture and Glencore Plc are the biggest producers.
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