Stillwater acquisition a step closer

SIBANYE Gold announced last week that it had satisfied the antitrust condition required for it to acquire the Stillwater Mining Company. This comes after Sibanye received early termination of the waiting period under the Hart-Scott-Rodino (HSR) Antitrust Improvements Act with respect to the proposed acquisition of Stillwater. South Africa’s largest individual gold producer agreed last month to acquire all of the outstanding stock of Stillwater, the US’s only miner of platinum group metals, for a total of $2.2 billion (R30bn) in cash. The transaction is expected to close in the second calendar quarter of this year and remains subject to the approval by the holders of a majority of Stillwater’s outstanding shares. Sibanye chief executive Neal Froneman said the gold miner was making progress towards fulfilling all conditions relating to the transaction. “Satisfying the HSR Act antitrust condition in a timely manner is an important first step towards concluding the acquisition of Stillwater,” Froneman said. “We have made very positive progress since the announcement of the transaction and continue to work towards satisfying the outstanding conditions as soon as possible.” – ANA