South African Reserve Bank Approves Sibanye Gold's Proposed Acquisition of Lonmin
May 15 2018 - 5:57AM
Dow Jones News
By Carlo Martuscelli
Sibanye Gold Ltd. (SGL.JO) said Tuesday that it has received
approval from the South African Reserve Bank to go ahead with the
proposed acquisition of platinum producer Lonmin PLC (LMI.LN).
The miner said that the transaction is scheduled to close in the
second half of the year. It still has to be approved by
shareholders of both companies as well as the competition
authorities in the U.K. and South Africa.
There's been speculation among analysts and press that the deal
could fall through if Lonmin isn't able to stem its outflow of
cash.
"Lonmin is working closely with Sibanye-Stillwater towards
completing the transaction during the second half of the year as
planned," said Lonmin Chief Executive Ben Magara.
"Lonmin remains committed to its strategy of focusing on
operational performance, controlling costs and preserving cash," he
said.
Write to Carlo Martuscelli at carlo.martuscelli@dowjones.com
(END) Dow Jones Newswires
May 15, 2018 05:42 ET (09:42 GMT)
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