00:00Angola has launched a significant bid to purchase the 85% stake in diamond producer De Beers currently held by Anglo-American PLC.
00:09The Angola state-owned gem company, Endiama, has submitted a proposal and is advancing talks according to its CEO, Jose Manuel Ganga Jr.
00:17Anglo-American valued De Beers at approximately US$4.9 billion after recording impairments amounting to US$3.5 billion over the past two years.
00:31Anglo-American has been seeking to divest its majority share in De Beers for around 17 months.
00:38The bid pits Angola against other interested parties including the government of Botswana, which already owns 50% of De Beers, and retains a right to match external offers.
00:51Botswana's president, Duma Boko, described any acquisition as a matter of economic sovereignty.
00:57Angola's interest signals a shift in strategy.
00:59Previously focused on securing a minority stake and partnering with Botswana, the country now appears intent on taking a controlling position.
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