Angola offers to buy Anglo American's entire De Beers stake

[Rough diamond, precious stone in mines. Concept of mining and extraction of rare ores.]
RHJ/iStock via Getty Images

Angola said Friday it has offered to buy [https://www.bloomberg.com/news/articles/2025-10-24/angola-submits-bid-for-anglo-american-s-majority-de-beers-stake] Anglo American's (OTCQX:AAUKF [https://seekingalpha.com/symbol/AAUKF]) (OTCQX:NGLOY [https://seekingalpha.com/symbol/NGLOY]) majority stake in the De Beers diamond business, in a shift from Angola's earlier stated interest in pursuing only a minority position.

State-owned Angolan gem producer Endiama EP presented "a concrete and well-defined proposal" to Anglo (OTCQX:AAUKF [https://seekingalpha.com/symbol/AAUKF]) (OTCQX:NGLOY [https://seekingalpha.com/symbol/NGLOY]) and is now moving ahead with further actions, CEO José Manuel Ganga Júnior said.

Botswana, where De Beers mines most of its gems, also is seeking to increase [https://seekingalpha.com/news/4498323-angola-bids-for-minority-stake-in-de-beers-as-botswana-seeks-deal-for-control] its 15% stake to a controlling share, with President Boko calling the effort a "matter of economic sovereignty."

Endiama expects Angola to "reach an understanding" with Botswana, Ganga Júnior said, adding that the company is seeking to tap De Beers' proprietary mining technology and its marketing system.

Anglo American (OTCQX:AAUKF [https://seekingalpha.com/symbol/AAUKF]) (OTCQX:NGLOY [https://seekingalpha.com/symbol/NGLOY]) wants to divest its 85% stake in De Beers as part of a restructuring process that began last year.

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