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Commission approves Anglo takeover of De Beers

06 March 2012, 20:10 CET
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(BRUSSELS) - The European Commission said Tuesday that it has given global miner Anglo American a green light to take control of De Beers, the world's biggest diamond company.

The Commission said it had given Anglo American authorisation to proceed with a deal initially announced in November under which the miner is to buy 40 percent of De Beers from South Africa's Oppenheimer family for $5.1 billion.

The transaction will end the involvement of the Oppenheimer family in De Beers, and take Anglo American's stake to up to 85 percent.

However, the government of Botswana owns the remaining 15 percent of De Beers and has an option to lift this to 25 percent.

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

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


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