The End of an Era, Oppenheimer Is Out of De Beers

(IDEX Online News) – On Thursday, Anglo American completed the acquisition of the Oppenheimer family's 40 percent shareholding in De Beers, bringing to an end the family's 80-year reign in the diamond industry.

Anglo American paid CHL, the Oppenheimer family holding company, $5.2 billion in cash, increasing its stake in De Beers to 85 percent.

Last November, the sides announced the agreement, a deal viewed by some as unfavorable to the Oppenheimers. Nicky Oppenheimer's contract as chairman of the company, ending in December, was not expected to be renewed, following tension between him and Anglo.

Part of it included a refusal to appoint Nicky's son Jonathan to Anglo's board.

Under the terms of the acquisition agreement, Anglo paid the agreed purchase price of $5.1 billion and a number of adjustments as provided for under the agreement, which added an additional $100 million.