Botswana Nears Deal to Raise De Beers Stake to 25%, Clearing Path for Anglo Sale
AAUKF has more than doubled off its 52-week low of $24.991.
Summary
Botswana is close to an agreement that would lift its stake in De Beers to about 25% from 15%, removing a key obstacle to Anglo American's long-stalled sale of the diamond unit. The Global Diamond Consortium, which includes Namibia and Angola, would hold less than 50% combined, keeping De Beers under private investor control. This follows Anglo's three impairments on De Beers over three years, with carrying value down to $2.3B in February. A final agreement would let the sale process move to its last stages after more than two years of delays.
At the time of this announcement, AAUKF was trading at $57.49 on OTC in the Industrial Applications And Services sector, with a market capitalization of approximately $62B. The 52-week trading range was $24.99 to $57.50. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Seeking Alpha.