Sibanye-Stillwater has finally launched its long-anticipated takeover bid for platinum miner Lonmin, securing critical smelting and refining operations in a deal worth R5bn, and cementing its role as one of the world’s leading producers of platinum group metals. With an appetite for transactions undimmed by the hefty debt incurred in the $2.2bn cash takeover of America-based Stillwater Mining, a palladium and platinum mining and recycling company, Sibanye has finally swooped on its embattled South African neighbour in an all-share transaction. In a deal that offers Lonmin’s investors a chunky premium, the all-share deal will see the platinum miner’s shareholders owning 11.3% of the enlarged Sibanye-Stillwater and the gold and platinum group miner’s shareholders owning the balance. Based on Wednesday’s closing share prices, the transaction represented a 35% premium, while on a 30-day volume weighted average price the transaction valued Lonmin at about £285m or R5bn, a 41% premium. Lo...

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