Chinese tycoon buys a third of Oppenheimer stake in Anglo Dutch
16 Nov 2006
Chinese 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.
UK's 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.
The 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.
It
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
company.