JSE-listed Impala Platinum (Implats) has progressed with due diligence for the acquisition of outstanding shares in TSX-listed North American Palladium (NAP).
The $758-million, or R11-billion, merger has been approved by the Canadian and German competition authorities, as well as the South African Reserve Bank in terms of exchange control regulations.
The transaction remains subject to majority acceptance by NAP’s shareholders and approval by the Ontario Superior Court of Justice.
NAP shareholders will vote on the merger on December 4, after which the companies’ plan of arrangement will be submitted to the court for approval by December 9.
Implats had signed a bridge facility for the funds with Morgan Stanley Senior Funding, Nedbank’s London branch, RMB International in Mauritius and Standard Bank’s Isle of Man branch.
Implats expects the transaction to be concluded on or about December 13.