When Sibanye-Stillwater’s acquisition of Lonmin was first announced, it looked like an opportunistic assault on a company plagued by years of weak commodity prices and poor management, not to mention an unfortunate political legacy.

In December 2017 Lonmin shareholders, shell-shocked by events dating from even before the Marikana massacre of August 2012, must have been tempted to heave a huge sigh of relief when Sibanye-Stillwater arrived on their doorstep with a share-exchange offer.

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.

Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now