Botswana’s government will increase its stake in diamond producer De Beers to 30%, its president said on Monday, backing a bid by the Global Diamond Consortium group for the 85% stake put up for sale by Anglo American.
“Botswana’s shareholding in De Beers will double from the current 15%. Botswana will become the single largest shareholder in De Beers,” President Duma Boko said in a speech in parliament.
“(Botswana’s) government has selected the Global Diamond Consortium as its preferred bidder for Anglo American’s interest in De Beers.”
He added that the governments of Namibia and Angola would take part in the De Beers transaction.
Restructuring
Anglo American put De Beers, one of the world’s leading diamond companies with operations and exploration spanning Botswana, Namibia, Angola, South Africa and Canada, up for sale in 2024 as part of a wider restructuring amid falling diamond prices and growing demand for synthetic stones.
The business attracted interest from governments of Botswana and Angola as well as private buyers, with luxury group Richemont, owner of Cartier, among firms in talks to join a consortium bidding for the diamond miner.
