Today's Labour News

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Sibanye StillwaterMoneyweb reports that Sibanye-Stillwater will have to wait longer for the conclusion of its long overdue all-share takeover of Lonmin following an eleventh hour appeal filed by the Association of Mineworkers and Construction Union (Amcu) against the Competition Tribunal’s approval of the transaction.  

Last November, Sibanye’s bid for Lonmin was approved by the Competition Tribunal, but the green light was fiercely contested by Amcu.  The union filed an appeal with the Competition Appeal Court against the Tribunal’s decision, arguing that thousands of jobs were on the line with the looming deal.  As part of the stringent conditions for the takeover, the Tribunal levied a six-month moratorium on retrenchments.  But, according to Sibanye, the 12,600 jobs that would be lost due to the necessary closure of old shafts were separate from the merger transaction, as a result of which 890 jobs could be affected.  Sibanye’s James Wellsted commented that “the union thinks all the job losses are linked to the takeover.”  With the initial 28 February longstop date fast approaching and Amcu’s appeal at the competition appeal court still in process, both Sibanye and Lonmin have agreed to extend the longstop offer to 30 June.

  • Read Arnold Segawa’s full report on this story at Moneyweb

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