Anglo American in Bid to Takeover De Beers
The company holds 40% in De Beers...Anglo American is said to be looking at a multi-billion dollar bid to take control of the world's largest diamond company De Beers by buying-out South Africa's Oppenheimer family.
Anglo holds 40 percent in De Beers, the Oppenheimers hold 45 percent and Botswana carries a 15 percent stake.
Anglo has considered spinning off its stake, but is now thought to be looking at buying out the family and making De Beers one of its core businesses. It is estimated the stake could cost at least $3.1 billion (GBP 2billion).
If Anglo pushes ahead with the plan to buy out the Oppenheimers it would end a long-running association between the two parties.
Sir Ernest Oppenheimer founded Anglo American in 1917 and took control of De Beers in 1927.
The family still manages the diamond group. Sir Ernest's grandson, Nicky Oppenheimer (picture above), is the chairman.
By: The Express
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