Linklaters advises Anglo American on its demerger of Valterra Platinum

Linklaters has advised Anglo American on the demerger of c.51% of its interest in its platinum group metals business, Valterra Platinum (formerly known as Anglo American Platinum), and the associated share consolidation of Anglo American. 

The $11bn platinum business being spun out of Anglo American marks another significant milestone in Anglo American’s ongoing strategic transformation to unlock inherent value in its portfolio.

This move stems from the plans announced by Anglo American in May 2024 to unlock significant value from its portfolio and accelerate the delivery of consistently stronger shareholder returns. These plans were announced during BHP’s unsuccessful approach last year, upon which we also acted. 

Building on Linklaters' long-standing relationship with Anglo American, the team worked closely with South African counsel Webber Wentzel and the Anglo American legal and commercial teams.

The cross-practice team was led by Corporate Partners Aisling Zarraga and Michael Fanner in the London office, bringing together Corporate, Tax and Employment & Incentives expertise across UK, South African and US jurisdictions. They were supported by Corporate Managing Associate Thomas Greenhalgh and Corporate Associate Archie Prew.

The Corporate team worked with Tax Partner Rhian Parker, US Corporate Partner Igor Rogovoy, Employment & Incentives Partner Bradley Richardson and Employment & Incentives Managing Associate Hanaan Ullah.

Commenting on the transaction, Kate Southwell (SVP General Counsel at Anglo American) said: “A transaction of this scale, complexity and strategic importance to Anglo American requires extraordinary coordination across multiple jurisdictions. We were delighted to work with Linklaters, led by Aisling and Michael and their outstanding team, and we deeply value our longstanding relationship with the firm.”