A multinational resources company exited its shareholding in an Asia-backed business.
Glencore recently sold a minority stake in Yancoal Australia for $422 million.
“Glencore can confirm it has sold its 6.4 per cent shareholding in Yancoal Australia Limited,” a company spokesperson said according to Reuters.
The vendor suggested there was not much point in continuing to invest in the China-controlled company.
“We do not consider the shareholding to be a core asset for our business,” the spokesperson said according to the newswire agency.
The deal is understood to have involved selling 84.5 million shares for $5 each, representing a 12.1 per cent discount to Yancoal’s closing price of $5.69.
Yancoal did not immediately respond to media requests for comment.
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