• Clueless leaders

    Zim's leaders are clueless about managing the economy or leading the nation, says Malcom Sharara.

  • Govt is out of touch

    Journalists seems to know more than those paid to govern us, says Mandi Smallhorne.

  • Terry Bell's Inside Labour

    Private firms can't be blamed for picking up anything lucrative on offer, says Terry Bell.

All data is delayed
Loading...
See More

Botswana passes on $1.26bn De Beers rights

Aug 01 2012 08:14
David McKay

ANGLO AMERICAN announced on Tuesday it had lifted its stake in De Beers from 40% to 85% after the Botswana government passed on its pre-emptive rights worth $1.26bn - a development that was widely expected by the market.

The way is now clear for Anglo American to conclude its $5.1bn takeover of the Oppenheimer stake in De Beers, possibly in September, or earlier. The outcome was hailed by Cynthia Carroll, Anglo American CEO, who said the group looked forward to strengthening its relationship with the Botswana government.

In terms of a previous agreement, the Botswana government has the right to take up its pro-rata share of the Oppenheimer stake, which would lift its shares in De Beers to 25% from the current 15%. This would have left Anglo with a 75% stake in De Beers, and cost the Botswana government $1.26bn.

“The Botswana government already has control of its stake in Debswana so it may not make sense to follow its rights,” Miningmx quoted Des Kilalea, an analyst for RBC Capital Markets, as having said.

To read more click here.


 
anglo american  |  de beers

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
1 comment
Comments have been closed for this article.
 

Company Snapshot

We're talking about:

THE DEBT ISSUE

Debt is one of the biggest financial issues facing South Africans today. Find out how you can avoid and manage your debt with Fin24 and Debt Rescue.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Labour’s call for a cap on salary of high earners is?

Previous results · Suggest a vote

Loading...