JSE- and NYSE-listed Sibanye-Stillwater on Friday announced that the Competition Appeal Court of South Africa had set April 2 as the date to hear the appeal filed by the Association of Mineworkers and Construction Union (AMCU) against Sibanye’s planned takeover of LSE- and JSE-listed Lonmin.
AMCU’s appeal, filed in December, is against the Competition Tribunal’s approval of the takeover, which as announced in November.
Meanwhile, in awaiting the appeal, Sibanye and Lonmin extended the longstop date for the transaction, which was set for February 28, to June 30.
While Sibanye and Lonmin have argued that their combination in a £285-million all-share deal would create a larger and more resilient company, AMCU was concerned about potential 10 000-plus job losses at Lonmin’s operations in future.