Winston expands with BHP deal
Harry Winston, the luxury jeweller with outlets in Harrods and in Bond Street, is expanding the mining side of its business after paying BHP Billiton $500m (£315m) for a controlling stake in a Canadian diamond mine.
The deal will see the Canadian jeweller, named after its late founder, buying BHP's 80 per cent stake in Ekati, Canada's oldest diamond mine, in a transaction that will mark the FTSE 100 miner's exit from the diamond industry.
The acquisition of Ekati, in Canada's Northwest Territories, will bulk up Harry Winston's presence in mining as the group, like other jewellery makers, seeks to secure access to gems.
The company, whose founder recognised a two-carat emerald in a pawn shop and sold it two days later for $800 when he was 12 years old, owns a 40 per cent stake in the Diavik mine, also in the Northwest Territories, in a joint venture with Rio Tinto.
Harry Winston fought off competition from suitors such as De Beers and Kohlberg Kravis Roberts, the US buyout firm.
- 1 The BBC has just done more to eradicate ‘terrorism’ than all our wars since 9/11
- 2 Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
- 3 Mystery man who gave mum heart-warming note on train 'wanted to put a smile on her face'
- 4 Michelle Obama highlights harsh restrictions faced by Saudi women after meeting King Salman without wearing a headscarf
- 5 Grumpy Roald Dahl letter warning student to 'eschew beastly adjectives' rediscovered after 35 years
King Salman: Just five days in, Saudi Arabia's new king has already overseen a beheading
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
Mystery man who gave mum heart-warming note on train 'wanted to put a smile on her face'
Michelle Obama highlights harsh restrictions faced by Saudi women after meeting King Salman without wearing a headscarf
Chilling drone footage captures Auschwitz ahead of 70th anniversary of liberation
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
French court convicts three over homophobic tweets, in case hailed as a 'significant victory' by LGBT rights campaigners
Greece elections: Syriza and EU on collision course after election win for left-wing party
British Muslim school children suffering a backlash of abuse following Paris attacks
British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
Liberal Democrat minister defends comments suggesting immigration causes pub closures
iJobs Money & Business
£23000 - £26000 per annum + Benefits: Ashdown Group: Market Research Executive...
£25000 - £35000 per annum: Recruitment Genius: A Technical Report Writer is re...
Competitive salary & benefits!: MBDA UK Ltd: MBDA UK LTD Indirect Procurement...
£16500 - £16640 per annum: Recruitment Genius: This fast growing Finance compa...