RSS   Newsletter   Contact   Advertise with us

Court dismisses union appeal against Sibanye-Lonmin deal

Christian Fernsby ▼ | May 18, 2019
The court in South Africa has upheld approvals of Sibanye Gold Ltd's takeover of Lonmin, the two said on Friday.
Sibanye Chief Executive Neal Froneman
Britain   Sibanye Chief Executive Neal Froneman
In a separate statement later in the day, Sibanye confirms that its offer for Lonmin is final and will not be increased.

In late April, Sibanye upped the offer by 3.4%, valuing Lonmin at GBP226 million, or ZAR4.21 billion, reflecting a recent rise in platinum group metal prices.

The Association of Mineworkers & Construction Union appealed against approval in December, despite Sibanye agreeing to not carry out any job cuts in the first six months after the deal.

On Friday, the two said the Competition Appeal Court of South Africa has dismissed AMCU's appeal, ordering the union the also pay costs.

Sibanye Chief Executive Neal Froneman said: "We are pleased the Competition Appeal Court has upheld the decision of the Competition Tribunal.

"We are confident the integration of Lonmin's platinum group metal assets and Sibanye-Stillwater's adjacent platinum group metal operations will ensure a more sustainable and positive future for these assets. We believe the transaction continues to be in the best interest of all stakeholders."