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...

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