Botswana nearing deal to raise De Beers stake to about 25%, Bloomberg reports

By Reuters News

Oct 13 (Reuters) - The preferred bidder for diamond producer De Beers, the Global Diamond Consortium, is nearing an agreement with Botswana that could increase the government's stake to about 25%, Bloomberg News reported on Tuesday, citing people familiar with the matter.

Reuters could not independently verify the report.

  • Global Diamond Consortium, led by former De Beers CEO Gareth Penny, was named preferred bidder in July

  • Anglo American AAL.L put De Beers up for sale in May 2024 as part of a broader restructuring amid weak diamond prices and growing competition from synthetic diamonds

  • Botswana already owns 15% of De Beers

  • Namibia, Angola and private buyers have also shown interest in the business

Capital.com is an execution-only brokerage platform and the content provided on the Capital.com website is intended for informational purposes only and should not be regarded as an offer to sell or a solicitation of an offer to buy the products or securities to which it applies. No representation or warranty is given as to the accuracy or completeness of the information provided.

The information provided does not constitute investment advice nor take into account the individual financial circumstances or objectives of any investor. Any information that may be provided relating to past performance is not a reliable indicator of future results or performance.

To the extent permitted by law, in no event shall Capital.com (or any affiliate or employee) have any liability for any loss arising from the use of the information provided. Any person acting on the information does so entirely at their own risk.

Any information which could be construed as “investment research” has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication.