Platinum Miner Warns of Risks From Drawn-Out Takeover Battle
- RBPlat says takeover battle frustrating business strategy
- Company said its engaging CEO and COO to extend their roles
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Royal Bafokeng Platinum Ltd. said a 16 month-long fight by two rival South African miners to gain control of the company risks the future of its operations.
The takeover battle between Impala Platinum Holdings Ltd. and Northam Platinum Holdings Ltd., which started in November 2021, has resulted in a “difficult operating environment,” RBPlat said in a statement Wednesday. While Impala is its biggest shareholder with a 40.71% stake, its pathway to gaining control has been frustrated by Northam, which holds almost 35%.