Amcu loses appeal against Sibanye’s bid for Lonmin

📆 2019/05/17 16:15:00
📰 BDliveSA

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The path is now cleared for shareholders in both companies to vote on the all-share deal as some analysts push for a higher offer for Lonmin

Amcu president Joseph Mathunjwa addresses miners during a Amcu wage strike at Wonderkop Stadium in Marikana, North West. Picture: PUXLEY MAKGATHO

With improved PGM prices and a return to profit at Lonmin, analysts such as Vunani’s Hurbey Geldenhuys argue that Sibanye should pay more for the platinum company, offering three shares for every one in Lonmin against the one-for-one that is on the table. Lonmin CEO Ben Magara again endorsed the Sibanye bid in the company’s latest market update last Friday, pointing out that Lonmin did not have the capital to complete critical projects and that Sibanye is the best option to ensure the long-term future for its mines.

Amcu president Joseph Mathunjwa has vociferously opposed the takeover, citing deep concerns around job losses in the merged entity. The tribunal imposed a moratorium on any job cuts in the merged entity, which would be one of the world’s leading sources of PGMs, with Sibanye owning mines, concentrators, smelters and refineries in SA, Zimbabwe and the US.

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