Oppenheimer sell one third stake in Anglo

OPPENHEIMER family sold a third of its stake in Anglo American, around 1.13 per cent of the company which it helped found, to Chinese billionaire Larry Yung’s China Vision Resources for around $803 million, according to reports.

The Oppenheimers continue to hold more than 2 per cent in Anglo American, along with a 40 per cent stake in diamond miner De Beers, in which Anglo holds a 45 per cent stake.

Anglo American was founded in 1917 by German-born Ernest Oppenheimer, with considerable backing from the financier J.P. Morgan, to exploit the east Witwatersrand goldfield. Anglo has since grown into the world’s second-largest diversified mining company