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lonminlogo thumb medium90 90BusinessLive reports that Sibanye-Stillwater’s all-share takeover bid for platinum producer Lonmin won critical yet highly conditional approval from the Competition Tribunal on Wednesday.  

The final hurdles to complete the takeover will be votes of approval by shareholders in both companies and a UK court ruling in favour of the deal.  The transaction is expected to be concluded early in 2019.  In the tribunal hearing at which the takeover was fiercely contested by the Association of Mineworkers and Construction Union (Amcu), the largest union at Lonmin, as well as various community organisations, the loss of jobs in the merged entity was a core focus.  In its approval of the transaction, the tribunal imposed a six-month moratorium on job cuts because “this merger involves massive public interest issues involving extensive job losses and impact in the platinum mining region of the North West”.  It noted there had been confusion and heated arguments about the scale of job cuts, with arguments raging about which were merger-related.  Drawing a firm line under the varied number of jobs that could be lost because of the merger, the tribunal imposed a moratorium on all job cuts for six months pending the outcome of a detailed study by Sibanye.

  • Read the full original report by Allan Seccombe at BusinessLive
  • Read too, Tribunal approves Sibanye, Lonmin merger; imposes 6-month moratorium on retrenchments, at Mining Weekly


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