Macfarlanes has advised one of the world's leading primary producers of platinum group metals, Valterra Platinum (formerly Anglo American Platinum), on its c. £7.5bn London listing and demerger from Anglo American plc.
Valterra Platinum mines, processes and markets platinum group metals and associated co-products. It provides a complete resource-to-market service, supplying its network of global customers with a range of responsibly mined, refined and traded products. The company is headquartered in South Africa, with operations spanning five mines, five smelters and several other upstream and downstream processing operations.
Valterra Platinum's shares were admitted to listing on the Equity Shares (International Commercial Companies Secondary Listing) category and to trading on London Stock Exchange's Main Market, with an initial market capitalisation of c. £7.5bn. The Company's primary listing is on the Main Board of the Johannesburg Stock Exchange.
Macfarlanes worked closely with co-counsel Bowman Gilfillan and Valterra Platinum general counsel Fiona Edmundson to deliver the transaction.
The transaction was led by Corporate M&A Partners Harry Coghill and Max Mittasch, with assistance from Senior Counsel Mark Slade and Associates Katya Pugh, Rhian Edwards, Sarvenaz Mirbaghery and Chris Perera.
Tax advice was provided by Partner Jeremy Moncrieff and Associates Krishant Sen, Elena Scaglione and Lucy Fowler. Share incentives input was provided by Partner Rasmus Berglund, Associate Edward Hughes and Employment Tax Specialist Lika Jatoeva. Employment advice was provided by Partner Hayley Robinson, Senior Counsel Tabitha Al-Mahdawie and Senior Associate Olivia Wistow-Hughes.
Commenting on the transaction, Harry Coghill said: "This transaction is a significant boost to the London capital markets. We are delighted to have supported Valterra Platinum on this transformational deal, which allows the company to become independent and establish a larger market for trading in its shares."