South32 debt reduction adds to speculation that it will pursue buys
South32 [ASX: S32] has added to speculation that it will pursue acquisitions by further reducing its debt, the Australian reported on Friday, 22 January.
According to the newspaper, South32 said yesterday that it had cut net debt by USD 81m to USD 115m in the last three months. The net debt stood at USD 400m at the start of the financial year.
The daily said South32 has been stated as a potential buyer for assets in the past year.
South32 said its strong balance sheet differentiated it from others and that it was committed to retaining its investment grade credit rating.
It is expected to completely wipe out its debt by the end of the financial year.
South32 was recently reported to be interested in Anglo American’s niobium and phosphate business in Brazil.
The Australian