Sibanye-Stillwater Submits Competition Authority Filing For Lonmin Bid

16th Mar 2018 08:24

LONDON (Alliance News) - Lonmin PLC said Friday that Sibanye-Stillwater has submitted a filing to South African competition authorities regarding its proposed GBP285 million takeover bid for the London-listed platinum producer.

Sibanye-Stillwater Chief Executive Officer Neal Froneman and Lonmin CEO Ben Magara said: "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 [platinum group metals] in South Africa."

Sibanye-Stillwater made the all-share approach back in December, offering 0.967 of a new Sibanye-Stillwater share for every Lonmin share. At the time, this valued each Lonmin shares at 100 pence each, a 57% premium to its closing price the day before the deal was announced.

Shares in Lonmin were 0.9% lower at 60.90 pence on Friday.

After completion, Lonmin shareholders will own 11% of the enlarged company.

Lonmin emphasised both it and Sibanye-Stillwater "remain fully committed" to the transaction. It is expected to close in the second half of 2018.

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