Exxaro Resources Ltd.Grey Market
Jul. 28, 2014, 11:12 AM
- Total (TOT +0.9%) agrees to sell its South African coal unit to Exxaro Resources (OTC:EXXAF) in a $472M cash and stock deal.
- The transaction includes TOT’s export rights at the Richards Bay coal terminal, the world’s biggest, and the Dorstfontein and Forzando mines east of Johannesburg, with annual sales of ~4.5M metric tons.
- This is the latest in a series of disposals for TOT as it focuses on core activities; by the end of May, TOT had sold ~$16B of assets under a program that started in 2012.