Anglo American hires banks for coal assets sale, sources say

LONDON, July 9 (Reuters) – Anglo American (AAL.L), opens new tab has hired three banks for the sale of its steelmaking coal assets, which analysts value at as much as $5 billion and is part of a broader restructuring to fend off an approach from rival BHP (BHP.AX), opens new tab, two sources close to the matter said on Tuesday.

Anglo’s CEO Duncan Wanblad said in May the sale of its five operating coal mines, development projects and joint ventures in Australia was soon to kick off, as part of a wider plan to divest less profitable assets and focus on expanding copper output after BHP’s failed attempt to take over the company.