Impala Platinum eyes buyout of Royal Bafokeng Platinum 🔒
Shares of mid-tier producer Royal Bafokeng Platinum jumped more than a fifth in early trade on Wednesday, after Impala Platinum said it was in talks over a potential buyout of the community-owned miner.
RBPlat listed on the JSE in 2010, where it was valued at R27.4bn before markets opened on Wednesday. In early trade, RBPlats had surged 22.25% to R115.89, on track for its best day in almost three years, and adding about R6bn to its market value. The miners said in a joint statement on Wednesday that discussions were ongoing that could see Implats acquire all of RBplats’s ordinary shares, barring treasury shares, which would see the mid-tier miner delist.
Implats, valued at R174.2bn on the JSE, did not provide any details of pricing in its cautionary announcement, and the talks do not represent an offer or a firm intention to make an offer. Implats shares were trading 1.9% lower at R207.80 in early trade on Wednesday, giving the group a market value of R169bn.
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