Stillwater shareholders approve Sibanye deal

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Danette Breitenbach

Having received approval from both sets of shareholders, all major conditions have been met to seal the acquisition deal between Sibanye and Stillwater Mining Company.

Sibanye put in an offer to buy the US platinum group metals company for about R30bn.

Stillwater Mining Company

“We are very pleased to receive the approval of both Stillwater and Sibanye shareholders for the transaction, which we believe is beneficial to both sets of shareholders. We look forward to welcoming and engaging with Stillwater management and employees and beginning the process of integrating the operations into the Sibanye Group” said Neal Froneman, CEO of Sibanye.

Although no assurance can be given as to if and when the transaction will be completed because it remains subject to such customary closing conditions, the parties expect it to close on Thursday, 4 May 2017. And an announcement regarding the rights offer is anticipated to be made towards the end of next week.