S. Africa competition tribunal OKs Sibanye acquisition of Lonmin

Lonmin’s mines are located on the western limb of South Africa’s Bushveld Igneous Complex Shares in struggling South African platinum producer Lonmin (LON:LMI) climbed Wednesday after the South African Competition Tribunal approved the company’s takeover by Sibanye-Stillwater (JSE:SGL) (NYSE:SBGL), with conditions By late afternoon, Lonmin had climbed 8% to 48.12p, while Sibanye was slightly up in New York at $2.74 as the regulator imposed as condition a moratorium on planned layoffs at Lonmin operations for a period of six months from the implementation date. The requisite adds to others the Competition Commission imposed in September. One of them forces Sibanye to embark on three short-term mining projects to avoid the loss of over 3,000 jobs, subject to platinum prices rising and costs being kept low. Sibanye-Stillwater chief executive Neal Froneman said the company believed the terms of the approval were “fair, reasonable and in the best interest of all stakeholders.” The 285-million pound deal (about $364 million), still subject to shareholders vote, would create the world’s No.2 platinum producer. Lonmin already is the world’s third-largest while Sibanye-Stillwater is the fourth.

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