Amcu's appeal against Sibanye's Lonmin takeover to be heard on the 2nd of April

By Siphelele Dludla Time of article published Jan 25, 2019

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JOHANNESBURG – The Competition Appeal Court of South Africa will on April 2 hear an appeal against the Competition Tribunal's decision to approve Sibanye-Stillwater's acquisition of platinum producer Lonmin Plc.

Sibanye announced the date on Friday for the hearing of the appeal filed by the Association of Mineworkers and Construction Union (Amcu).

Amcu is contesting the Competition Tribunal's November 21 decision to okay the R5.2 billion purchase of Lonmin, subject to conditions including the satisfaction or waiver of approvals from shareholders and the courts of England and Wales, Lonmin's countries of origin.

Sibanye says it wants to create a diversified platinum metals group portfolio. The two companies have indicated they remain fully committed to the deal.

Last week, Sibanye agreed to extend the long stop date for the acquisition to become unconditional and effective, from February 28 to June 30.

A longstop date allows for the withdrawal of an offer to buy property without incurring a penalty if a developer fails to finish the property by a particular date.

African News Agency (ANA)

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