Mining tycoon Anil Agarwal is to acquire a $2.4 billion stake in giant mining firm Anglo American which owns 85 percent of De Beers.
"I like Anglo's entire balanced portfolio, both in South Africa and elsewhere," Agarwal said in comments cited in media reports. "I believe Anglo has several world-class assets, including De Beers."
The bid would make him the second-largest shareholder in Anglo American.
Agarwal also said he did not favour any move to try to break Anglo American into South African and international arms as he believed the group's strength lay in both businesses.
The company has a significant upside as it carries out a wide-ranging business plan.
The acquisition would give him a 12 percent stake, just below that of South Africa's Public Investment Corporation, which has 13.5 percent holding.
