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Massive shareholder support for Lonmin take-over deal
Calls from some analysts for Lonmin's largest shareholder, SA's Public Investment Corporation (PIC), to reject the take-over deal by Sibanye-Stillwater because it undervalued the former, were overshadowed by a 98.9% vote in favour of the transaction at the company's London shareholder meeting on Tuesday afternoon.
Neal Froneman, CEO, Sibanye-Stillwater
Along with the 99.65% vote in favour by Sibanye-Stillwater shareholders, all shareholders now in support of the R4.2bn all-share offer by Sibanye-Stillwater for the entire issued and to be issued ordinary share capital of Lonmin.
The deal now needs to be sanctioned by the UK Court at a hearing expected to take place on 7 June 2019.
The shareholder approval paves the way for the formation of a powerful player in the global platinum group metals market.
