De Beers Owner Turns Down Merger

By JCK Online Staff -- JCK Online, 6/23/2009 1:31:00 PM

The board of Anglo-American, one of three corporate owners of De Beers, has unanimously called a proposed merger with miner Xstrata “unattractive,” according to an Anglo release.

It added “The terms proposed by Xstrata were totally unacceptable.”

In its release rejecting the deal, Anglo said it would “significantly dilute[e] Anglo American’s unique exposure to the structurally attractive platinum, iron ore and diamond markets.”

Anglo currently owns 45 percent of De Beers. Both companies were at one time owned by Sir Ernest Oppenheimer, who family currently controls 40 percent of De Beers.

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