Shares of Royal Bafokeng Platinum (RBPlats) surged almost a quarter on Wednesday after bigger rival Impala Platinum (Implats) said it planned to buy it in a deal that could create the world’s biggest platinum group metals (PGMs) producer.

Flush with a R23.5bn net cash pile, Implats’s move offered prospects of further consolidation in an industry that has got a boost from higher rhodium and palladium prices...

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