Counsel to AngloGold Ashanti in respect of its proposed restructuring (demerger) of the current portfolio of AngloGold Ashanti into separate listed vehicles for each of its South African and international mining operations. The proposed demerger was coupled with a proposed rights offer, both of which were withdrawn following lack of shareholder appetite. This deal was notable due to its complexity, coupled with the size of the proposed capital raising. Based on the market capitalization of AngloGold at the time of the proposed restructuring, we valued the demerger at USD 5 billion, in addition to the rights offer of USD 2.1 billion, giving a total deal value of USD 7.1 billion.