Photo by: Creamer Media
The Competition Tribunal's hearing into the proposed merger between precious metals miner Sibanye-Stillwater and platinum miner Lonmin has been postponed to November, the tribunal reported on Wednesday.
The hearing was meant to start on October 18 but has been "postponed in agreement with all parties" and will be held from November 12 to 16.
Sibanye in December made an all-share offer to acquire Lonmin, with the offer valuing Lonmin at about R5.15-billion.
If concluded, current Lonmin shareholders will hold about 11.3% of the enlarged Sibanye group.
The combination with Sibanye is expected to enable Lonmin shareholders and other stakeholders to benefit from the long-term upside potential of an enlarged Sibanye group, with greater geographical and commodity diversification.
South Africa’s Competition Commission last month approved the merger, but with conditions to prevent job losses.
The UK’s Competition and Markets Authority, which is responsible for investigating any merger that could restrict competition in that country, has also cleared the proposed acquisition.