JOHANNESBURG – Sibanye-Stillwater said on Tuesday it had agreed to extend the long stop date for the acquisition of platinum group Lonmin 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.
In November, the Competition Tribunal approved Sibanye's offer to acquire Lonmin for R5.2 billion to create a diversified platinum metals group portfolio, subject to conditions including a six-month moratorium on retrenchments excluding any voluntary retirements.
They also include the satisfaction or waiver of the approvals of Lonmin and Sibanye shareholders and the courts of England and Wales, Lonmin's countries of origin.
The Association of Mineworkers and Construction Union has filed an appeal with the Competition Appeal Court of South Africa against the Tribunal's decision.
Sibanye and Lonmin have said they remain fully committed to the deal.
African News Agency (ANA)