Oppenheimer family firm uses Anglo American shares as security for loan
March 12, 2010
Anglo American Plc, the largest shareholder in the De Beers Group, has confirmed that E. Oppenheimer & Son International Ltd., the Oppenheimer’s privately owned holding company, used 27.3 million Anglo American shares as security for a loan facility.
According to the Bloomberg news agency, the shares were worth 739 million pounds ($1.1 billion) at the close of business in London on March 12, and represent a 2.1 percent stake in the company. In a statement, Anglo American said the shares are “connected” with De Beers Chairman Nicky Oppenheimer.
Last month the Oppenheimer family last month agreed to take up their rights in a $1 billion offer of stock by De Beers. The stock was offered by De Beers to raise funds. Anglo American also agreed to participate in the rights offer.
Anglo American currently owns 45 percent of De Beers. The Oppenheimer family owns 40 percent and the Botswana government 15 percent.
