{"id":1116623,"date":"2019-05-17T14:00:50","date_gmt":"2019-05-17T14:00:50","guid":{"rendered":"http:\/\/www.mining.com\/?p=988147"},"modified":"2019-05-17T14:00:50","modified_gmt":"2019-05-17T14:00:50","slug":"south-african-court-clears-way-for-sibanyes-acquisition-of-lonmin","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1116623","title":{"rendered":"South African court clears way for Sibanye\u2019s acquisition of Lonmin"},"content":{"rendered":"<p>South Africa&#8217;s Competition Appeal Court <a href=\"https:\/\/thevault.exchange\/?get_group_doc=245\/1558087495-competition-appeal-court-upholds-the-south-african-competition-tribunal-s-approval-of-the-lonmin-transaction-17055019.pdf\"  rel=\"noopener\">said Friday<\/a> Sibanye-Stillwater&#8217;s (JSE:SGL) (NYSE:SBGL) planned takeover of Lonmin (LON:LMI) could go ahead, clearing the way for shareholders to vote on the transaction that would create the world&#8217;s second-largest platinum producer.<\/p>\n<p><q class='pullQuote-right'>Transaction would create the world&#8217;s second-largest platinum producer.<\/q><\/p>\n<p>The country\u2019s Competition Tribunal <a href=\"http:\/\/www.mining.com\/s-africa-competition-tribunal-oks-sibanye-acquisition-lonmin\/\"  rel=\"noopener\">had approved the deal in November last year<\/a>, but Lonmin&#8217;s main mining union, the Association of Mineworkers and Construction Union (AMCU), <a href=\"http:\/\/www.mining.com\/web\/lonmins-biggest-mining-union-tries-block-sibanye-deal\/\"  rel=\"noopener\">filed an appeal to try to block it or have it re-examined<\/a>. The move was an effort to avoid some of inevitable layoffs, <a href=\"http:\/\/www.mining.com\/south-africa-imposes-tough-conditions-sibanye-lonmin-deal\/\"  rel=\"noopener\">originally estimated in 3,000<\/a>, that will take place after the business combination.<\/p>\n<p>\u201cWe welcome this decision as it clears the way towards the shareholder votes on 28 May,\u201d Ben Magara, chief executive of Lonmin, <a href=\"https:\/\/thevault.exchange\/?get_group_doc=245\/1558087495-competition-appeal-court-upholds-the-south-african-competition-tribunal-s-approval-of-the-lonmin-transaction-17055019.pdf\"  rel=\"noopener\">said in the statement<\/a>. \u201cThe combination creates a larger and more diversified company which we believe is in the best interest of Lonmin shareholders and other stakeholders.\u201d<\/p>\n<p>The\u00a0all-share offer has been considered a rescue deal for Lonmin,\u00a0<a href=\"http:\/\/www.mining.com\/lonmin-sees-salvation-launches-407m-rights-issue-at-only-1-pence-per-share\/\"  rel=\"noopener\">severely hit<\/a>\u00a0by\u00a0<a href=\"http:\/\/www.mining.com\/web\/impairment-drives-lonmin-deeper-loss-ahead-takeover\/\"  rel=\"noopener\">weak platinum prices during the 2016-2017 downturn<\/a>, costs related to the strengthening rand, a large labour force and expensive deep-level mines.<\/p>\n<p>For Sibanye, is just one more of many deals struck by chief executive officer, Neal Froneman, who has transformed the gold miner by expanding its operations into the platinum-group metals sector.<\/p>\n<p>The post <a rel=\"nofollow\" href=\"http:\/\/www.mining.com\/south-african-court-clears-way-sibanyes-acquisition-lonmin\/\">South African court clears way for Sibanye\u2019s acquisition of Lonmin<\/a> appeared first on <a rel=\"nofollow\" href=\"http:\/\/www.mining.com\/\">MINING.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The transaction would create the world&rsquo;s No.2 platinum producer as Lonmin is the world&rsquo;s third-largest while Sibanye-Stillwater is the fourth.<\/p>\n<p>The post <a rel=\"nofollow\" href=\"http:\/\/www.mining.com\/south-african-court-clears-way-sibanyes-acquisition-lonmin\/\">South African court clears way for Sibanye&rsquo;s acquisition of Lonmin<\/a> appeared first on <a rel=\"nofollow\" href=\"http:\/\/www.mining.com\/\">MINING.com<\/a>.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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