Sibanye will pay $18 a share in cash, a 20% premium to the Montana-based miner's volume-weighted average closing share price over the past 20 days, the South Africa-based company said in a statement on Friday. The acquisition exceeds Sibanye's market value of $1.9-billion.The producer will fund the purchase through $2.7-billion in loans from Citigroup and HSBC and will pay back $500-million of Stillwater's convertible debt. The company will also raise at least $750-million in a share sale.Sibanye CEO Neal Froneman has sought to expand beyond the company's base of ageing South African gold mines and last year agreed to buy platinum assets from Anglo American Platinum and Aquarius Platinum. The Stillwater purchase is his biggest yet and first outside of South Africa. The Stillwater board has accepted the offer and recommends it to shareholders.Stillwater's two mines in Montana are the only platinum-group metals operations in the US and the biggest producer of these outside South Afric...
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