Sibanye Said to Have Weighed Impala Deal Before Shares Rose

Sibanye Gold Ltd. considered a combination with Impala Platinum Holdings Ltd. this year and later decided a deal would be too expensive to pursue, according to three people familiar with the matter.

Impala was one of many companies that Sibanye analyzed as part of a strategy to expand mining assets in South Africa, said the people, who asked to not be identified because information is private. The companies’ shares have moved in opposite directions in recent months, making any stock-based deal pricier. Still, Sibanye is open to revisiting the deal if conditions improve in the future, two of the people said.