Anglo American (LON: AAL) is moving closer to spinning off its diamond unit, De Beers, after the government of Botswana confirmed interest in increasing its stake in the world’s leading diamond producer by value.
De Beers has been on the chopping block since May 2024, when Anglo announced plans to either sell the unit or launch an initial public offering (IPO). This decision came as part of a reorganization initiated after Anglo fended off a failed £39 billion ($49 billion) takeover bid by Australian rival BHP.