Competition authority approves Implats’s takeover bid for RBPlat
The approval process by competition authorities had been delayed by Northam’s bid to become involved in the hearings
After previous delays, the Competition Tribunal has now cleared the way for Impala Platinum (Implats) to acquire Royal Bafokeng Platinum (RBPlat), but Implats will now have to contend with rival platinum miner Northam, which last week put in a formal bid for RBPlat after months of hinting at the possibility.
The tribunal announced on Wednesday that it had approved the merger subject to a package of competition and public-interest conditions that included Implats’ honouring its current contracts, as well as securing commercial terms for the renewal of contracts. The conditions make provision for employment-related conditions such as a moratorium on any merger-related retrenchments, and for local investment initiatives to benefit local communities as well as local procurement obligations and commitments towards SMME suppliers...
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