Shareholders of Impala Platinum (Implats) must be considering the possibility that their firm’s takeover offer for Royal Bafokeng Platinum (RBPlat), formally under way since November 2021, will fail.

Speaking at the interim results presentation this month about its bid for RBPlat, Implats CEO Nico Muller didn’t hold back. “Though strategically important to the company, it cannot hang its future on the outcome of a process where it has no control,” he said, adding that a time was coming “where the company has no choice but to consider alternative directions. That may mean a different investment and different growth path.”..

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