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.
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