De Beers “’ EU
approves takeover by
Anglo American
Brussels, Belgium — 08 March 2012 – The European Commission has revealed that it has given global mining giant Anglo American the green light to take control of De Beers, the world’s biggest diamond company.

The commission, quoted in a statement here by Fin24, said that it had given Anglo American authorisation to proceed with a deal initially announced in November, under which the miner was to buy 40% of De Beers from South Africa’s Oppenheimer family for US$5.1 billion. The transaction would end the involvement of the Oppenheimer family in De Beers, and take Anglo American’s stake to 85%.

The remaining 15% of De Beers is owned by the government of Botswana, which has an option to lift this to 25%.

Finalisation of the deal is expected in the second half of this year.

Established in 1888, De Beers is a global leader in the exploration, mining and marketing of diamonds.

Source: Fin24. For full item click here.