Implats advises of Competition Tribunal delays in RBPlat merger approval
JSE-listed Impala Platinum Holdings (Implats) has advised shareholders that approval from the Competition Tribunal for its proposed acquisition of fellow-listed Royal Bafokeng Platinum (RBPlat) remains outstanding.
The company explains that a merger hearing date had been set for August 2, owing to the tribunal considering an intervention application brought by another company to participate in the merger proceedings; however, the tribunal’s order has subsequently been challenged in the Competition Appeal Court.
Implats maintains that its acquisition offer provides compelling benefits for itself and for RBPlat shareholders. Implats has extended the date set for fulfilment or waiver of the conditions precedent to September 26.
Implats envisions that the results of its offer will be announced on September 19.
Mining Weekly on June 30 quoted Implats as saying that Africa’s biggest fund manager, the Public Investment Corporation, which owns 9.9% of RBPlat, must decide what to do with its RBPlat stake. The company explained that the PIC had become central to ending an eight-month takeover battle that is hindering the companies from making future plans.
Implats CEO Nico Muller averred that the PIC has had enough time to weigh Implats’ R150 apiece offer.
While Implats’ bid to win control of RBPlat has already been frustrated by an attempt by another JSE-listed platinum miner Northam Platinum to also take over RBPlat, the PIC’s indecision is “stoking investor uncertainty while the companies are being delayed from making strategic decisions”.
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