06 July 2012
Anglo American receives final regulatory approval for
acquisition of Oppenheimer family's 40% stake in De Beers
Anglo American announces that it has received consent
from the South African Minister of Mineral Resources,
under Section 11 of the South African Mineral and
Petroleum Resources Development Act 2002, to acquire the
Oppenheimer family's 40% stake in De Beers.
The Section 11 consent is the final approval required for
this transaction to proceed. Now that all the conditions to
the transaction have been satisfied, a formal pre-emption
offer will be served by CHL Holdings Limited (representing
the Oppenheimer family interests) (CHL) on Anglo American
and the Government of the Republic of Botswana (GRB) under
the terms of the De Beers Shareholders' Agreement.
The GRB has a pre-emption right in respect of the De Beers
interests to be sold by CHL, and its affiliates, enabling
it to participate in the transaction and increase its
interest in De Beers, on a pro rata basis, to up to 25%.
Anglo American announced in November 2011 the agreement
with CHL for Anglo American to acquire an incremental
interest in De Beers, increasing Anglo American's current
45% shareholding in the world's leading diamond company to
up to 85%, for a total cash consideration of US$5.1
billion, subject to adjustment as provided for in the
agreement. In January 2012, the transaction was approved by
Anglo American shareholders voting 99.94% in favour.
In the event that the GRB exercises its pre-emption rights
in full, Anglo American will acquire an incremental 30%
interest in De Beers, taking its total interest to 75%, and
the consideration payable by Anglo American would be
reduced proportionately.
Anglo American expects the transaction to close in the
second half of 2012, in line with the previously stated
timeline.
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Media
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Investors
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UK
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UK
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James Wyatt-Tilby
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Leng Lau
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Tel: +44 (0)20 7968 8759
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Tel: +44 (0)20 7968 8540
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Emily Blyth
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South Africa
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Tel: +44 (0)20 7968 8481
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Nicholas Gordon
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Tel: +27 (0)11 638 3262
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South Africa
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Pranill Ramchander
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Tel: +27 (0)11 638 2592
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Notes to editors:
Anglo American is one of the world's largest mining
companies, is headquartered in the UK and listed on the
London and Johannesburg stock exchanges. Anglo American's
portfolio of mining businesses spans bulk commodities -
iron ore and manganese, metallurgical coal and thermal
coal; base metals - copper and nickel; and precious
metals and minerals - in which it is a global leader in
both platinum and diamonds. Anglo American is committed
to the highest standards of safety and responsibility
across all its businesses and geographies and to making a
sustainable difference in the development of the
communities around its operations. The company's mining
operations, extensive pipeline of growth projects and
exploration activities span southern Africa, South
America, Australia, North America, Asia and Europe. www.angloamerican.com
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