M&A

Competition approval upheld for Lonmin acquisition

AMCU appeal dismissed, paving way for shareholder approval

Staff reporter

This article is 5 years old. Images might not display.

The dismissal with costs upheld the approval decision made in November. 
 
Sibanye-Stillwater and Lonmin said they both remained fully committed to the offer, which the former upped last month.
 
Sibanye-Stillwater CEO Neal Froneman was pleased with the decision. 
 
"We are confident that the integration of Lonmin's PGM assets and Sibanye-Stillwater's adjacent PGM operations will ensure a more sustainable and positive future for these assets ... in the best interest of all stakeholders," he said.
 
Lonmin CEO Ben Magara also welcomed the decision, which cleared the way for shareholders to vote on the acqusition on May 28. 

The UK Competition and Markets Authority unconditionally cleared the proposed acquisition in June.

Sibanye-Stillwater's (JSE:SGL) shares were trading at R11.43 (US80c) per share Friday, 7% higher than at the sart of the year, while Lonmin's (LSE:LMI) shares were at 62.3p, (US79.63c) up 32.2% from January 2.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

editions

ESG Mining Company Index: Benchmarking the Future of Sustainable Mining

The ESG Mining Company Index report provides an in-depth evaluation of ESG performance of 61 of the world's largest mining companies. Using a robust framework, it assesses each company across 9 meticulously weighted indicators within 6 essential pillars.

editions

Mining Journal Intelligence Global Leadership Report 2024: Net Zero

Gain insights into decarbonisation trends and strategies from interviews with 20+ top mining executives and experts plus an industrywide survey.

editions

Mining Journal Intelligence Project Pipeline Handbook 2024

View our 50 top mining projects, handpicked using a unique, objective selection process from a database of 450+ global assets.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.