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
-
Reeves urged to axe stamp duty from UK shares held in an ISAChancellor Rachel Reeves is reportedly considering axing stamp duty from UK shares held in stocks and shares ISAs. What could it mean for your portfolio?
-
Family investment companies explained: how the ultra wealthy shield their money from the taxmanWealthy families are increasingly turning to family investment companies to keep more of their money away from HMRC – but what are these arrangements and how do they work?
