M&A

Competition approval upheld for Lonmin acquisition

Sibanye-Stillwater has moved closer to acquiring Lonmin after the Competition Appeal Court of South Africa dismissed the appeal from the Association of Mineworkers and Construction Union (AMCU) to nullify the South African Competition Tribunal's approval of the acquisition.

Staff reporter
Sibanye-Stillwater's acquisition of Lonmin has gotten a step closer to closing

Sibanye-Stillwater's acquisition of Lonmin has gotten a step closer to closing

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.

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