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 Scientists create transparent mouse complete with see-through organs
- 2 Pope Francis issues top 10 tips for happiness
- 3 Disney heiress Abigail disowns her share of family profits in West Bank company
- 4 Israel's propaganda machine is finally starting to misfire
- 5 Amazonian Indian tribe filmed making contact with Brazil village in rare video footage
Land for gas: Merkel and Putin discussed secret deal could end Ukraine crisis
Woman and two children killed by mob in riots over 'blasphemous' Facebook post in Pakistan
Richard Dawkins tweets: 'Date rape is bad, stranger rape is worse'
Putin is 'thuggish, dishonest and reckless', says British ambassador to US
Boozy, ignorant, intolerant, but very polite – Britain as others see us
A new Russian revolution: The cracks are starting to appear in Putin’s Kremlin power bloc
- < Previous
- Next >
iJobs Money & Business
£300 - £350 per day: Orgtel: Financial Analyst, Forecasting, Halifax, Banking,...
£500 per day: Orgtel: Business Architect - Banking - Bristol - £500 per day A...
£200 - £500 per day + competitive: Orgtel: I am currently working on a large p...
£18000 - £23000 per annum + Commission: SThree: Real Staffing are currently lo...