Mining giant Anglo American has received final regulatory approval for the acquisition of the Oppenheimer family's 40 per cent stake in diamond producer De Beers.
Anglo American has received consent from the South African Minister of Mineral Resources to make the acquisition, meaning that all the conditions to the transaction have been satisfied.
The $5.1bn deal, which was officially announced back in November, puts an end to the Oppenheimer family's involvement in the business after 80 years.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The government of the Republic of Botswana (GRB) has a pre-emption right in respect of the De Beers interests to be sold by CHL, and its affiliates, enabling it to participate in the transaction and increase its interest in De Beers, on a pro rata basis, to up to 25%.
In the event that the GRB exercises its pre-emption rights in full, Anglo American will acquire an incremental 30% interest in De Beers, taking its total interest to 75%, and the consideration payable by Anglo American will be reduced proportionately.
Anglo American's share price fell 0.12% to 2,160.50p by 09:47.
NR
-
High earners face £15k income hit by 2029 following Autumn BudgetRachel Reeves’s Autumn Budget means high earners – or HENRYs – are now looking at an income hit running into the thousands. Can you avoid it?
-
Millions underestimate how many paydays are left until retirement - why you should be counting your payslipsKeeping track of how long you will be earning a salary for can help work out how much you need to put into a workplace pension
