UK court sanctions Sibanye-Stillwater acquisition of Lonmin
A UK court has approved the acquisition of Lonmin Plc by Sibanye-Stillwater, marking the final stage of the share-based takeover.
The High Court of Justice in the UK has sanctioned the scheme of arrangement for the acquisition of Lonmin Plc by Sibanye-Stillwater. This decision allows the mining group to proceed with the full acquisition of Lonmin's issued and to be issued share capital.
The transaction is set to become effective on June 7, 2019, following the delivery of the court order to the Registrar of Companies. Trading of Lonmin shares on the London and Johannesburg stock exchanges will subsequently be suspended, leading to the delisting of the firm. New Sibanye-Stillwater shares are scheduled to begin unconditional trading on the Johannesburg Stock Exchange on June 10.
This move represents a strategic consolidation in the mining sector, shifting the ownership structure of Lonmin's assets under the Sibanye-Stillwater umbrella. Shareholders are expected to have their holdings converted and credited in the coming days as the final administrative steps of the merger conclude.