Anglo American to buy 40 % of De Beers

Anglo American announces that it has received consent from the South African Minister of Mineral Resources Susan Shabangu, under Section 11 of the South African Mineral and Petroleum Resources Development Act to acquire the Oppenheimer family’s 40% stake in De Beers.

The cost of the transaction is $ 5.1 billion.

The deal will increase Anglo American’s shareholding in De Beers from 45 % up to 85 %. De Beers is the worlds leading diamond company.

Anglo American expects the transaction to close in the second half of 2012.

The closing share price of Anglo American yesterday was R 269.84