anglo-american-cuts-ties-with-shenhua-energy

Anglo American cuts ties with Shenhua Energy

The diversified mining company sells its IPO stake in the Chinese coal miner through a $708 million block trade.
April 28, 2008
Diversified mining company Anglo American last night sold all its shares in China Shenhua Energy in a HK$5.52 billlion $708 million block trade that offered fresh evidence that investors are becoming increasingly willing to part with their cash. The deal was the largest overnight block trade in the Hong Kong market since late October when Sun Hung Kai Properties sold $1.41 billion worth of new shares, and the fact that the discount was still no wider than what has been achieved on other significantly smaller placements in recent months should be encouraging.

The discount was kept low as there were several banks bidding for this deal û some say as many as six û...
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