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Wesfarmers off-loading A$52.2M of shares in mining contractor Perenti

Wesfarmers Ltd. mandated Macquarie Capital to arrange the sale of its entire 3.8% stake in mining services provider Ausdrill Ltd., trading as Perenti Global, The Australian Financial Review reported Sept. 4.

The company is offering 25.8 million shares at A$2.02 apiece for a total of A$52.2 million, a 3.8% discount to Perenti's last closing price of A$2.10.

Last week, JPMorgan bought Gresham Private Equity's parcel of 48 million shares at A$1.88 apiece, the report said.

Wesfarmers recently withdrew its A$1.5 billion takeover bid for Lynas Corp. Ltd.. The company's fiscal 2019 attributable net profit surged 360% yearly to A$5.51 billion from A$1.20 billion due to the impact of its divestments during the period.