Still­wa­ter ac­qui­si­tion a step closer

The Star Early Edition - - COMPANIES -

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

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