JOHANNESBURG - Sibanye-Stillwater said on Friday that it has filed a submission with the South African competition authorities with regard to the proposed acquisition of world's third largest producer of platinum group metals (PGMs), Lonmin Plc.
In December, Sibanye-Stillwater agreed to buy Lonmin for about £285 million, or R5.17 billion, in an all-share deal. Under the offer, Lonmin shareholders would receive 0.967 new Sibanye-Stillwater shares for each Lonmin share.
Sibanye-Stillwater said that the required stakeholders have been duly notified of the transaction as is required by the South African Competition Act.
The miner said it and Lonmin remained fully committed to the proposed transaction which they continue to expect to close in the second half of this year.
Neal Froneman, Sibanye-Stillwater chief executive, and Lonmin chief executive Ben Magara, said in a joint statement: "We are delighted to have filed the submission with the South African competition authorities. The proposed transaction remains in the best interest of stakeholders and will create a leading mine-to-market producer of PGMs in South Africa."
Meanwhile, the Association of Mineworkers and Construction Union has threatened to interdict the sale of Lonmin's platinum interests to Sibanye-StillWater, saying that workers and the community had not been consulted.
- African News Agency (ANA)