Oppenheimer sells more Anglo shares Aim was to balance portfolio, and further sale not on cards, says MD Published: 2010/12/17 07:34:26 AM ALLAN SECCOMBE
E OPPENHEIMER & Son sold 2,1- million Anglo American shares for about £64m, continuing a process started four years ago when it sold 17-million shares.
E Oppenheimer & Son is the company owned and run by the Oppenheimer family, SA’s richest. It raised R5,7bn in the sale four years ago.
No details were given of who bought the shares in the recent sale. Four years ago in November 2006 E Oppenheimer & Son said it had sold a third of its stake in Anglo to China Vision Resources. The sale then was to diversify the privately held E Oppenheimer & Son’s portfolio of investments from resources.
The decision to sell the 2,1million shares now is intriguing, given the outlook for the commodities in which Anglo is invested. Copper is predicted to hit record high prices next year because of a supply deficit and strong demand from China.
Doing all of the conversions, it looks like the sell of the Oppenheimer shares was done about one-half dollar below today's market price. As explained in the article, the family is selling this limited number of shares to diversify their holdings and they have no intention of further reductions of their position in Anglo.