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EU approves Anglo takeover of De Beers

Mar 07 2012 09:11 Sapa

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Brussels - The European Commission said on Tuesday that it has given global miner Anglo American [JSE:AGL] a green light to take control of De Beers, the world's biggest diamond company.

The commission said it has given Anglo American authorisation to proceed with a deal initially announced in November, under which the miner is to buy 40% of De Beers from South Africa's Oppenheimer family for $5.1bn.

The transaction will end the involvement of the Oppenheimer family in De Beers, and take Anglo American's stake to up to 85%.

However, the government of Botswana owns the remaining 15% of De Beers and has an option to lift this to 25%.

Established in 1888, De Beers is a global leader in the exploration, mining and marketing of diamonds.

Finalisation of the deal is expected in the second half of this year.

 
anglo american  |  de beers  |  oppenheimers  |  diamonds
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