Amcu threatens to stall Sibanye-Stillwater’s all-share bid for Lonmin
The union says there are alternative investors sympathetic to workers
The Association of Mineworkers and Construction Union (Amcu) threatened to interdict Sibanye-Stillwater’s all-share bid for Lonmin to become a leading platinum group metal producer as the deal goes before competition authorities for clearance. Sibanye launched the bid in mid-December, issuing an announcement on Sens and hosting a joint media conference with Lonmin. The latter has breached its suspended debt covenants, which will be reinstated if the deal is not concluded by February 2019. The transaction, it was made clear at the time, needed Lonmin to repay debt and restructure its assets, shedding 12,500 of the 33,000 jobs at mines and closing unprofitable shafts, something Lonmin CEO Ben Magara said had to be done regardless of the Sibanye transaction. The transaction took another step forward on Friday, with Sibanye filing its submission to the competition authorities, but there was a possible legal challenge to prevent the deal in what Amcu labelled a “secret sale”. Amcu presid...
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