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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 firstname.lastname@example.org; @OliGGriffin
(END) Dow Jones Newswires
May 17, 2019 07:05 ET (11:05 GMT)
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