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UK/South Africa: Sibanye’s Lonmin takeover cleared by antitrust body

 |  June 28, 2018

Britain’s Competition and Markets Authority (CMA) unconditionally cleared South Africa-based Sibanye-Stillwater’s proposed takeover of Lonmin on Thursday, June 28, telling Reuters the mining merger would not require a second phase investigation.

The South African precious metals miner made an all-share offer for London-listed Lonmin in December in a £285 million (US$386 million) deal aimed at creating the world’s No.2 platinum producer.

“We look forward to the combination of the businesses creating a leading mine-to-market player with enhanced scale and resources, able to compete more effectively,” the CEOs of Sibanye and Lonmin said in a joint statement.

The deal, which is on track to close in the second half of the year, remains subject to approval from South African competition authorities, the shareholders of both companies and courts in England and Wales, Sibanye announced in a statement.

Full Content: Reuters

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