Lonmin takeover gets the green light with six-month moratorium on job cuts
Sibanye-Stillwater’s all-share takeover bid for the world’s third-largest platinum miner won critical yet highly conditional approval from the Competition Tribunal, clearing the way for the creation of one of the world’s biggest platinum group metal producers. The final conditions to complete the takeover of Lonmin by SA’s gold and platinum producer are votes of approval by shareholders in both companies and a UK court ruling in favour of the deal. The transaction is expected to be concluded early in 2019, a slight delay from the target of before the end of 2018 both companies had set. It will vault Sibanye into second place of world platinum producers and number three palladium miner just a few years after it made its first purchase of platinum group metal (PGM) assets in April 2016.
Lonmin CEO Ben Magara and Sibanye CEO Neal Froneman have both said since the unveiling of the deal in December 2017 that there is a need to consolidate their companies’ platinum assets to secure ...
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