Anglo American Gets EU Approval to Acquire De Beers Stake

(IDEX Online News) – The European Commission on Tuesday has cleared the way for Anglo American to take the Oppenheimer family's 40 percent stake in De Beers. Last November Anglo American announced a $5.1 billion agreement to buy the Oppenheimer's share in the company.

The Commission granted clearance under the EU Merger Regulation to the acquisition of sole control of De Beers (Luxembourg) by Anglo American.

De Beers is currently jointly owned by Anglo American, CHL, a holding company of the Oppenheimer family and the government of Botswana, which holds a 15 percent stake in De Beers.

The transaction may lend Anglo American with an 85 percent stake in De Beers, unless Botswana decides to exercise an option to increase its stake to 25 percent.

In January, Anglo American's shareholders overwhelmingly approved the proposed deal.

The company expects to finalize the acquisition in the second half of this year.