Deals
Lonmin Investors Back Sibanye Deal to Create a Platinum Giant
- Lonmin agreed to deal after struggling through years of losses
- Sibanye this month overcame legal challenge from labor union
This article is for subscribers only.
Lonmin Plc investors backed the platinum producer’s takeover by Sibanye Gold Ltd., bringing to an end a company that was once part of a business empire synonymous with British capitalism in Africa.
Sibanye’s all-share takeover was backed by 99% of votes cast at a meeting in London, passing the required threshold of 75%. The vote is a triumph for Sibanye Chief Executive Officer Neal Froneman, a prolific deal-maker who faced investor concerns that his offer undervalues Lonmin’s assets. Sibanye shareholders approved the deal earlier in the day.