Botswana President Restates Plan to Buy Control of De Beers (1)

Botswana’s president reiterated his plan to acquire a majority stake in De Beers, as Anglo American Plc looks to offload its controlling interest in the iconic diamond company.

“Government will leverage a majority stake,” Duma Boko said Monday in an annual address in Botswana’s capital, Gaborone. “Concrete steps are under way towards the acquisition of Anglo-American shares in De Beers.”

Anglo is divesting its 85% shareholding in De Beers as part of a sweeping restructuring that began almost 18 months ago. Botswana, which owns the rest of the company, relies on diamonds for about 80% of its exports.

Duma Boko

Photographer: David Dee Delgado/Bloomberg

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