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Article: De Beers in talks with consortium over pounds 11bn bid
- Article from:
- The Independent (London, England)
- Article date:
- February 2, 2001
- Author:
CopyrightCopyright 2001 The Independent - London. Provided by ProQuest LLC. (Hide copyright information)
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DE BEERS, the world's biggest diamond producer, is set to receive
a $16bn (pounds 10.8bn) takeover offer aimed at unravelling the
group's 70-year- old cross-shareholding with Anglo American, the
mining giant.
De Beers said in a "cautionary announcement" that it was in talks
with a consortium, controlled by the founding Oppenheimer family and
Anglo American, concerning a proposal that would value the diamond
company at $40 a share.
If a formal offer does materialise, Anglo, which already owns 32.2
per cent of De Beers, and the Oppenheimers, who currently hold 2.6
per cent, would each have 45 per cent of the bidding vehicle. The
Botswana Government, which runs mines with De Beers, would make ...