Botswana is doubling its holding in De Beers to 30% as President Duma Boko backed former chief executive Gareth Penny's consortium to take over the diamond miner from Anglo American. In a speech to parliament, Boko said the country's holding would "double from the current 15 per cent," making it the single largest shareholder and giving Botswana greater influence in strategic decisions for decades. Namibia and Angola would also take stakes in the company.
The government had identified the Global Diamond Consortium as the preferred bidder. Penny said the deal would create a new chapter for the iconic business focused on strategic clarity and sustained growth. The FT previously reported the sale would value De Beers at $1bn, while Anglo American retains an 85% stake.
De Beers' value has fallen to $2.3bn amid low gemstone prices and competition from lab-grown diamonds.
Source: Financial Times Companies · Summarized by HeadlinesBriefing