Why Anglo American (AAUKY) Stock Is Lower

NEW YORK (TheStreet) -- Shares of Anglo American Plc  (AAUKY) are down -1.15% to $12.95 in heavy trading volume after the miner said that it would sell its 50% stake in Lafarge Tarmac to Lafarge S.A.  (LFRGY) for a minimum consideration of $1.51 billion in cash, on a debt and cash free basis, Reuters reports.

Shares of Lafarge are down -2.23% to $21.92.

Lafarge Tarmac was formed as a 50/50 joint venture between Lafarge UK and Anglo American's Tarmac business.

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The miner said it expects to use the proceeds to pay down debt.

 AAUKY Chart

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