Sibanye Gold investors OK $2.2bn acquisition of Stillwater
Investors at Sibanye Gold (JSE:SGL) (NYSE:SBGL), South Africa鈥檚 largest miner producer of the precious metal,聽 to proceed with the $2.2 billion acquisition聽of Stillwater Mining (NYSE:SWC), the only US platinum producer.
Cash takeover will make of Sibanye the world’s third largest palladium producer and fourth biggest platinum group metals miner.
The cash takeover, , will increase South Africa’s grip over global platinum and palladium supply and underline chief executive Neal Froneman’s determination to branch out of gold mining and the firm鈥檚 home country.
Froneman thanked shareholders for supporting what he described as a 鈥渦nique and transformative opportunity to acquire world class, low-cost international聽PGM聽assets鈥.
The Johannesburg-listed company, which was spun out of South Africa鈥檚 Gold Fields in 2013, spent most of last year聽, particularly聽.
The company first expanded into the grey precious metal used in jewellery and diesel car engines in Sep. 2015, by buying Aquarius Platinum and聽听尘颈苍别蝉.
Together with reducing Sibanye鈥檚 dependence on its aging South African mines, the deal will make the company the world’s third largest palladium producer and fourth biggest platinum group metals miner, Froneman said in December when announcing the planned acquisition.
Once completed, the deal will be the second-biggest South African outbound M&A transaction since 2015.
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