Sibanye files Lonmin takeover papers

Johannesburg - Sibanye-Stillwater has filed a submission to the Competition Commission to consider its proposed acquisition of Lonmin, the companies said in a joint statement on Friday.

In December 2017, Sibanye offered R5.17 billion for the entire Lonmin share offer, in a deal that would create the world’s second largest platinum producer.

“The proposed transaction remains in the best interests of stakeholders and will create a leading mine-to-market producer of PGMs in South Africa,” said CEOs Neal Froneman of  Sibanye-Stillwater and Ben Magara of Lonmin in the statement.

The two companies said they remain fully committed to the proposed transaction which they “expect to close in the second half of this year”.

• READ: Sibanye buying long-suffering Lonmin in R5.17bn deal

The struggling Lonmin is currently ranked third biggest platinum producer in the world.

Lonmin made headlines in 2012 when 34 striking mineworkers were shot and killed by police during a strike over wages.

The killings were the worst labour related killings in post-apartheid history.

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