Anglo American shareholders approved the company’s plan to acquire an additional 40 percent stake in De Beers from the Oppenheimer family for $5.1 billion. The plan passed as expected and with an overwhelming majority, or 99.94 percent of shareholders, voting in favor of the purchase during a general meeting held in London on Friday.
The acquisition, which still has also gain governmental approval, would bring Anglo American’s stake in De Beers up to 85 percent, and Botswana controls the remaining 15 percent.
On the approval, Anglo American’s chairman Sir John Parker said, “The board of Anglo American is delighted that our shareholders have shown overwhelming support for the De Beers transaction. Consolidating control of De Beers, the world’s leading diamond company, reinforces Anglo American’s commitment to the diamond industry and to pursuing growth in those resource businesses where we have the opportunity to expand and capitalize on a favorable long-term demand outlook.”