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Implats pushes back timing on RBPlat acquisition amid Northam intervention

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Northam has intervened in the competition process for the acquisition, pushing back timing by about seven weeks

RB Plat’s Styldrift operation in North West. Implats and Northam are still battling it out for control of Royal Bafokeng Platinum. Picure: SUPPLIED

The Competition Commission had recommended the takeover proceed in April, but Northam indicated on May 18 it intends making an application to intervene in the Competition Tribunal approval processes. The commission acts as an investigating body, while the tribunal has a final say on antitrust matters.

However, that plan was almost scuppered when Northam offered R180 a share to buy out majority shareholder Royal Bafokeng Holdings , the investment arm of the Bafokeng nation.

 

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