SHAREHOLDERS GIVE NOD
Sibanye expects to seal Stillwater deal
Sibanye Gold expects to finalise the $2.2bn cash purchase of US-based palladium producer Stillwater Mining next Thursday after shareholders in the companies agreed to one of the largest deals by a South African company since 2001, said CEO Neal Froneman. Stillwater CEO and president Mick McMullen said on Wednesday: "We believe this is a very good outcome for Stillwater and delivers certain value of $18 per share in cash to our shareholders." He was speaking after 88% of the shareholders representing 75% of Stillwater’s issued capital voted in favour of a deal some analysts said was "fully priced". Sibanye has a $2.65bn bridging loan from a syndicate of local and international financial institutions to pay immediately for Stillwater and repay convertible bonds. The company will raise $1bn in a rights issue, with a circular sent to shareholders in the next 10 days, and a further $1bn through a corporate bond. The balance of the loan will be paid before the end of 2017 through either a...
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