Sibanye boss Neal Froneman is determined to get the deal done, as the company needs access to Lonmin’s metal-processing facilities in SA
Sibanye has agreed to raise its all-share offer for platinum miner Lonmin, citing an increase in metal prices since the deal was announced in December 2017.
Prices for both of Lonmin’s key metals have increased sharply in recent months. Palladium rose to repeated records early in 2019 amid concern about a prolonged deficit, and platinum has rallied 11% this year. Still, while Sibanye has boosted the share ratio it is offering to Lonmin investors, the value of the deal remains lower than when it was announced, after the company’s share price fell and it sold new equity earlier in April.
Sibanye and Lonmin have sent out circulars asking shareholders to vote on the new offer and the deal is expected to become effective June 7.
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