Sex Change in the Diamond Business; Alrosa Now Wears the Pants

Business Insider reported Jonathan Oppenheimer was obliged to accept a discount buyout from Anglo American (LSE:AAL).

As quoted in the market news:

The Oppenheimers walk away with $5.1 billion from Anglo American, run by Cynthia Carroll, which will control about 85% of the company. The Government of Botswana currently holds the remaining 15% in De Beers, but if it can afford to pay, it has the option to buy up to another 10%.

Anglo American has been waiting for the right moment when the market value of the Oppenheimer stake was not so great, and the desperation of the family to sell coincided.

Click here to read the full Business Insider report.