Today's Labour News

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Sibanye StillwaterBusinessLive reports that after 18 months of uncertainty, during which the takeover of Lonmin by Sibanye was challenged every step of the way, employees at the companies went to work on Monday as part of the world's biggest platinum producer.  

Since the deal was first unveiled in December 2017, it was challenged by the Association of Mineworkers and Construction Union (Amcu), the largest labour body at Lonmin, at every turn.  Minority shareholders then also unsuccessfully lobbied the Public Investment Corporation, the largest holder of Lonmin stock, to demand a higher offer than the one-for-one share deal.  The takeover of Lonmin is now formally completed, making the merged entity a larger source of platinum than Anglo American Platinum.  The merged group, which has assets in SA, Zimbabwe and the US, is now heading into wage talks with Amcu in coming days for its entire SA platinum business after facing down a five-month strike by the union at its gold division.  Lonmin, where Amcu is the dominant union, is now in the Sibanye stable.  Talks promise to be difficult after the union failed to prevent the takeover, despite arguing against it before the Competition Commission and the Competition Tribunal, and appealing against the tribunal’s conditional approval of the transaction.

  • Read the full original of Allan Seccombe’s report in the above regard at BusinessLive


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