The end is finally in sight for Sibanye-Stillwater’s takeover of platinum producer Lonmin, with shareholders from both companies set to vote next week on the deal. One of the final hurdles was cleared last week when the Competition Appeal Court of South Africa dismissed a bid by the Association of Mineworkers and Construction Union to thwart the transaction.
This is because Sibanye’s share price has fallen 26% since the deal was unveiled in December 2017, while prices for platinum group metals have risen, giving a new lustre to Lonmin. Analysts have since been quoted in the local media as saying that the goalposts have moved for these reasons and the deal should reflect this state of affairs.
Sibanye is a Gold Fields spin-off which has branched out into platinum and has its eye on battery metals. Froneman likes to do deals, but he presents himself as doing so with the bottom line firmly in mind.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Amcu's attempt to halt merger between Sibanye-Stillwater and Lonmin fails | IOL Business ReportAmcu's legal bid to prevent the R5 billion merger between diversified mining house Sibanye-Stillwater and platinum producer Lonmin failed.
Source: IOL - 🏆 46. / 51 Read more »
Business Maverick: May to Bring Brexit Deal Back to Parliament at Start of JuneTheresa May set a date for her final Brexit showdown, promising to bring her deal back to Parliament at the start of June. Talks with the opposition Labour Party haven’t yielded an agreement, but she’s hoping members of Parliament, stung by voter revolts, will back her in order to end the process that’s tearing both main parties apart.
Source: dailymaverick - 🏆 3. / 84 Read more »
BUSINESS MAVERICK: The rand is going digital – and the Reserve Bank is open for suggestionsCentral bankers have always been protective of the currencies they keep. Stability is a top priority, which has made them rather cautious about solutions that threaten that position. Yet, lately, they’ve thrown that caution to the wind as more regulators actively start experimenting with the idea of cryptocurrencies and the underlying blockchain technology. Even the SA Reserve Bank is warming up to the idea of digital currency. And it has asked the industry to help it come up with the best ideas.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Wednesday May 15: Five Things You Need to Know to Start Your DayStocks in the U.S. soared as traders embraced a more hopeful trade outcome. President Trump called on the Federal Reserve to match China’s countermoves, while the Global Times called the trade dispute a “people’s war.” And as tensions flare in Iran, Trump denied he’s preparing troops but promises lots of them if needed. Here are some of the things people in markets are talking about today
Source: dailymaverick - 🏆 3. / 84 Read more »
BUSINESS MAVERICK: Jumia shrugs off short-seller reportShares in e-commerce company Jumia, otherwise dubbed Africa’s Amazon, have plateaued after a week that saw the share price plunge after the publication of a report from short-seller Citron Research that suggested the company was not what it appeared to be.
Source: dailymaverick - 🏆 3. / 84 Read more »