Minnig giant Glencore has sold its $422 million stake in Australian coal miner Yancoal in a block trade via Barrenjoey Capital and Aitken Mount.
The brokers launched the trade on Wednesday night, seeking buyers at $5 a share or a 12.1 per cent discount to the last close.
There were 84.5 million shares up for grabs, according to terms sent to fund managers, at the $5 a share fixed price. It represented Glencore’s stake in full.The deal closed at 6.30pm, investor sources said, only 15 minutes after the brokers sent terms to potential buyers.Barrenjoey was named as lead manager, while Aitken Mount was co-manager. The deal was underwritten.
The sale ends Glencore’s time on Yancoal’s share register, where it was the company’s second-largest holder. The two miners are joint venture partners in NSW’s Hunter Valley, where they co-own a large coal operation.
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