Business News 26.4.2017 10:12 am

Stillwater shareholders give nod to Sibanye takeover

Photo: Reuben Goldberg

Photo: Reuben Goldberg

The SA gold and platinum miner received the green light for the transaction following Stillwater shareholders’ meeting held on Tuesday.

Sibanye Gold said on Wednesday that the requisite majority of Stillwater Mining Company shareholders have resolved to approve the $2.2 billion sale of the United State’s sole provider of platinum and palladium.

The South African gold and platinum miner received the green light for the transaction following Stillwater shareholders’ meeting held on Tuesday.

This means that all major conditions precedent to the transaction have thus been met to the parties’ satisfaction.

But Sibanye said the completion of the transaction remained subject to the satisfaction or waiver of certain customary closing conditions set forth in the merger agreement.

The parties expect the transaction to close on May 4, although no assurance can be given as to if and when the transaction would be completed because it remains subject to such customary closing conditions,.

Sibanye chief executive Neal Froneman said they were pleased with the development.

“We are very pleased to receive the approval of both Stillwater and Sibanye shareholders for the transaction, which we believe is beneficial to both sets of shareholders,” Froneman said.

“We look forward to welcoming and engaging with Stillwater management and employees and beginning the process of integrating the operations into the Sibanye Group.”

Sibanye said an announcement regarding the rights offer was anticipated to be made towards the end of next week with the associated rights offer circular containing the terms and details of the rights offer to be issued in mid-May.

 

 

 

 

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