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.

Must Read: Warren Buffett's 25 Favorite Growth Stocks

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

 AAUKY Chart

AAUKY data by YCharts

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

If you liked this article you might like

European Stocks Follow Asian Shares Lower

European and Asian Stocks Fall as China Market Tumbles

European Stocks Trade Sharply Lower Following Asia Declines

European Stocks Rise, Metals and Mining Stocks Gain

European Stocks Slip as Fed-Fueled Relief Rally Fades