Amcu's attempt to halt merger between Sibanye-Stillwater and Lonmin fails
JOHANNESBURG - The Association of Mineworkers and Construction Union legal bid to prevent the R5 billion merger between diversified mining house Sibanye-Stillwater and platinum producer Lonmin failed on Friday after the Competition Appeal Court dismissed it, paving the way for the finalisation of the transaction that has been in the pipeline since 2017.
Judge Dennis Davis said in his written judgement that the court could not interfere with the merger process. However, Amcu approached the court charging that it could not 13 334 would have been retrenched as a result of the merger. It also argued that the six-month moratorium on retrenchments and the job creation initiatives would be undertaken on condition that the platinum price improved.
Last week Lonmin, the world's third biggest platinum miner, said it net cash for the year to end March was $71 million compared to $17 million at 31 March last year while liquidity increased to $247 million from $167 million the prior year with the new Pangaea Investment Management Limited facility in place.
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