Anglo American’s sale of its 85% stake in De Beers has attracted interest from “serious buyers” and could be completed within the next six to nine months, Anglo CEO Duncan Wanblad (pictured) told analysts Thursday.
“Our commitment to exit De Beers is unwavering,” Wanblad said at a press conference following the release of Anglo’s first-half financial results. “We are progressing with both a trade sale and listing options in parallel.… We continue to make good progress on both tracks.”
The government of Botswana, which currently owns 15% of De Beers, recently expressed interest in taking a majority stake in the company. Wanblad said that while Anglo has held talks with Botswana about increasing the country’s shareholding, “a trade sale absolutely remains our preferred exit route for the business, but only if we can find the right buyer, at the right terms.”
He later said that Anglo has been looking for suitors “who genuinely understand the market, who are serious buyers, who absolutely have the wherewithal and the backing to be able to complete a transaction like that.”
“That then sifts down to a much smaller group of people that you would take through into a formal process. So that’s where we are now, with this smaller group”.
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(Photo courtesy of Anglo American)
Source : jckonline