What a difference 17 months make in the way the Sibanye-Stillwater all-share bid for platinum miner Lonmin is seen by some in the market. A number of shareholders and analysts are now saying the Sibanye offer is far too low and are urging the largest investor, the Public Investment Corporation (PIC) — which manages state employees’ pension funds — to use its near-30% stake to force a higher offer from the powerful gold and platinum group metals (PGMs) producer.You can’t fault shareholders for wanting more after the years of agony they’ve experienced at Lonmin, three rights issues in rapid succession, the dramatic erosion of its capitalisation and value and the near-death experience as it violated its debt covenants in 2017 which lenders didn’t enforce because of the Sibanye bid in December that year.The long time to secure Competition Commission and then Competition Tribunal approval by November, only to be delayed by an appeal by the Association of Mineworkers and Construction Unio...

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