Minority shareholders urge PIC to block Sibanye takeover bid for Lonmin
Big rise in the price of platinum group metals provides the asset manager with a chance to get a better return from its long-term investment, analyst says
Lonmin minority shareholders are urging the Public Investment Corporation (PIC) to reject the current terms of Sibanye-Stillwater’s takeover bid, which they believe is inadequate.
The PIC, which has a 29.3% stake in the London-registered and listed platinum group, is the single largest shareholder and the only one that could block the deal, which requires 75% shareholder approval. The PIC is one of the largest investment managers in Africa, with assets of about R2.1-trillion.