The proposed acquisition of Lonmin by Sibanye-Stillwater, has been has unconditionally cleared by Britain’s Competition and Markets Authority following its investigation.

The mining giant made an all-share offer for London-listed Lonmin in December in a more than R5 billion (£285 million) deal aimed at creating the world’s second-largest platinum producer.

Commenting on the announcement by the CMA, Neal Froneman, CEO of Sibanye-Stillwater, and Ben Magara, CEO of Lonmin, said, “We are very pleased to have received the CMA’s clearance, which takes us one step closer to completion of the Offer. We remain excited about the proposed transaction, which we consider to be in the best interest of our stakeholders.

“We look forward to the combination of the businesses creating a leading mine-to-market player with enhanced scale and resources, able to compete more effectively.”

Both Sibanye-Stillwater and Lonmin said they remain fully committed to the offer and continue to engage constructively with the South African competition authorities with a view to obtaining clearance in South Africa.

The offer is expected to close in the second half of this year. A further announcement will be made in due course said Sibanye.

 

Additional Reading?

Request Free Copy