Diamond rings are displayed in a cabinet inside a De Beers SA store in Hong Kong, China, on Thursday, Sept. 14, 2017.
Photographer: Calvin Sit/Bloomberg via Getty ImagesAnglo American plans to spin off its highly prized De Beers diamond unit as part of a sweeping restructuring of its 107-year-old business as it seeks to fend off persistent takeover bids from mining rival BHP Group .
The British miner said in a statement Tuesday that De Beers could be divested or demerged to "improve strategic flexibility."
CEO Duncan Wanblad said the restructure, which represents "the most radical changes to Anglo American in decades," would help streamline the business and provide greater value to shareholders.
The announcement comes just a day after Anglo rejected an improved takeover proposal from BHP.
Persons:
Bruce Cleaver, Calvin Sit, De Beers, Duncan Wanblad, Wanblad, —
Organizations:
De Beers SA, Bloomberg, Getty, BHP Group, BHP
Locations:
Hong Kong, China, London