Sibanye Gold, Lonmin Win Appeal Against Merger
May 17 2019 - 7:20AM
Dow Jones News
By Oliver Griffin
Sibanye Gold Ltd. (SGL.JO) and Lonmin PLC (LMI.LN) said Friday
that the Competition Appeal Court of South Africa has ruled in
their favor and against an appeal by the Association of Mineworkers
and Construction Union, approving the two companies' merger.
Sibanye, which has traded as Sibanye-Stillwater Ltd. (SBGL)
since it bought U.S. company Stillwater Mining Co., said the South
African court ruled against the AMCU's appeal with costs and upheld
an earlier decision made last November.
Sibanye first offered to buy Lonmin in 2017, when it offered
0.967 of its shares for each share in Lonmin. The company raised
its offer in April, saying it would exchange one of its shares for
each share in Lonmin.
At the time, Sibanye-Stillwater said the new offer reflected the
recent recovery in platinum group metals prices as well as the fact
that Lonmin continues to be financially constrained and unable to
fund the significant investment required to sustain its
business.
Write to Oliver Griffin at oliver.griffin@dowjones.com;
@OliGGriffin
(END) Dow Jones Newswires
May 17, 2019 07:05 ET (11:05 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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