South Africa’s competition watchdog approved the takeover of platinum producer Lonmin by Sibanye-Stillwater but imposed conditions to limit job losses, reported The Financial Times.
The South African gold miner should offset some of the planned 3,000 redundancies after the merger by starting “three short-term mining projects,” the commission said in its statement. “The commission found that the proposed transaction raises significant public interest concerns,” relating to employment, procurement and relationships with the community, it said.
South African approval is the final government hurdle for Sibanye’s deal for London-listed Lonmin, which has suffered from years of falling platinum prices and rising labour costs. In June the UK’s authorities approved the deal, which will also need to be voted on by shareholders.
Sibanye has been one of the most acquisitive mining companies over the past few years, acquiring US platinum and palladium miner Stillwater for in $2.2bn in 2016. But its deals have been overshadowed by the death of 21 workers at its mines this year.
Full Content: Financial Times
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