This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/go/rss/int/news/-/news/business-15590256
The article has changed 2 times. There is an RSS feed of changes available.
Previous version
1
Next version
Version 0 | Version 1 |
---|---|
Anglo American in $5bn De Beers deal with Oppenheimers | Anglo American in $5bn De Beers deal with Oppenheimers |
(about 6 hours later) | |
Anglo American is to take control of diamond company De Beers after agreeing a $5.1bn (£3.2bn) deal to buy the Oppenheimer family's 40% stake. | Anglo American is to take control of diamond company De Beers after agreeing a $5.1bn (£3.2bn) deal to buy the Oppenheimer family's 40% stake. |
The deal raises Anglo's stake in the world's largest diamond distributor to 85%, with the remainder owned by the Botswana government. | |
The Oppenheimers have been in the diamond industry for about 100 years. | The Oppenheimers have been in the diamond industry for about 100 years. |
Nicky Oppenheimer, representing the family, said it was a "momentous and difficult decision" to sell the stake. | Nicky Oppenheimer, representing the family, said it was a "momentous and difficult decision" to sell the stake. |
Cynthia Carroll, chief executive of Anglo, said: "This transaction is a unique opportunity for Anglo American to consolidate control of the world's leading diamond company, De Beers. | |
"Today's announcement marks our commitment to an industry with highly attractive long-term supply and demand fundamentals." | |
It has long been speculated that Anglo might increase its stake in De Beers, which vies with Russia's Alrosa for dominance in the diamond mining industry. | It has long been speculated that Anglo might increase its stake in De Beers, which vies with Russia's Alrosa for dominance in the diamond mining industry. |
De Beers was founded in 1888 by Cecil Rhodes. Ernest Oppenheimer, who had earlier founded Anglo American, took control in 1927. | De Beers was founded in 1888 by Cecil Rhodes. Ernest Oppenheimer, who had earlier founded Anglo American, took control in 1927. |
Nicky Oppenheimer said: "This has been a momentous and difficult decision as my family has been in the diamond industry for more than 100 years and part of De Beers for over 80 years. | Nicky Oppenheimer said: "This has been a momentous and difficult decision as my family has been in the diamond industry for more than 100 years and part of De Beers for over 80 years. |
"After careful and deliberate consideration of the offer, and what is in the best interests of the family, we unanimously agreed to accept Anglo American's offer." | "After careful and deliberate consideration of the offer, and what is in the best interests of the family, we unanimously agreed to accept Anglo American's offer." |
Previous version
1
Next version