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lonminlogo thumb medium90 90BusinessLive reports that the final date for the conclusion of the Sibanye-Stillwater all-share takeover of Lonmin could be tested by the Association of Mineworkers and Construction Union’s (Amcu’s) late appeal against the Competition Tribunal's approval of the transaction.  

Sibanye and Lonmin set the end of February as the date by which the deal would be concluded.  But, Amcu, which not only fiercely opposes the transaction but is also involved in a protracted and violent strike at Sibanye's gold mines, has filed an appeal against the tribunal's highly conditional approval of the deal.  Amcu is concerned about the scale of job losses it feels will arise from the merged companies.  "Sibanye-Stillwater and Lonmin intend to request an urgent hearing date from the competition appeal court in relation to Amcu’s appeal," the two companies jointly indicated.  The lateness of the appeal means the matter is unlikely to be heard before the end of 2018, and only in January, the month in which both companies intended to conduct their shareholder votes.  Lonmin's board has remained steadfast in its endorsement of the deal, with senior executives pointing out that it simply did not have the financial resources to sustainably run the business.  The tribunal imposed a six-month moratorium on any job cuts in the merged entity.

  • Read Allan Seccombe’s full report on this story at BusinessLive

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