The European Commission has given Anglo American a nod to take control of the world's biggest diamond company, De Beers.
The approval of the deal, which was first announced last November, meant that Anglo American would go ahead with plans to buy 40 percent of De Beers from South Africa's Oppenheimer family for $5.1billion, Fin24 reports.
This would lift its stake in De Beers, which has mines in Botswana, Canada, Namibia and South Africa, to 85 percent.
However, the government of Botswana that currently holds a 15 percent stake in De Beers had an option to buy 10 percent of the Oppenheimer family stake.
Botswana was yet to announce its position although some reports suggested that the southern African country was willing to lift its shareholding to 25 percent.
The finalisation of the deal was expected in the second half of this year.
De Beers’ underlying profits were up 62 percent last year to $698 million owing to increased demand for its gems in China and the US.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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