tycoon Larry Yung, among, China's richest men, and chairman
of Hong Kong-based conglomerate CITIC Pacific, has bought
a third of South Africa's Oppenheimer family's shareholding
in the mining giant Anglo American.
Anglo American is the world's third largest mining company
with a 45-per cent stake in its South African affiliate
De Beers Consolidated Mines Limited, better know the world
over simply as De Beers.
sale of the Oppenheimer family's 1.13-per cent stake has
been estimated at $806 million (approximately Rs3,659
crore). The news of the stake sale pushed down the UK-based
company's share prices by 2.5 per cent.
is being speculated that the Oppenheimer family's decision
to sell a third of its stake in Anglo American could be
a prelude to a takeover of the world's third-largest mining