[miningmx.com] – SOUTH32 may lodge a bid for the niobium and phosphates assets that Anglo American wants to sell, said Bloomberg News citing three people familiar with the situation.
The assets, valued by Anglo at about $1bn, have been put on the market as part of a radical restructuring by the group in which it would sell or close two-thirds of its asset base in an attempt to reduce net debt and improve profitability.
South32 sent out requests to investment banks as it seeks to hire an adviser to assist in the bidding process, said Bloomberg News. Goldman Sachs Group and Morgan Stanley are managing the sale for Anglo, it said.
First-round bids are due by the middle of next month, and Anglo is seeking to complete the sale in one transaction, rather than split the niobium and phosphate assets, the newswire said.
Large North American fertilizer companies are also likely to participate in the auction, two of the people said. Anglo confirmed last month that it would work to sell the business this year, said Bloomberg News.
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