The Association of Mineworkers and Construction Union, or AMCU, has filed an appeal against the South African Competition Tribunal’s decision approving Sibanye-Stillwater’s acquisition of Lonmin.
The appeal has been filed at the Competition Appeal Court.
Sibanye-Stillwater and Lonmin intend to request an urgent hearing from the Competition Appeals Court in relation to AMCU’s appeal. Both companies remain fully committed to the transaction.
The South African Competition Tribunal’s decision approving the acquisition was delivered on 21 November 2018.
Lonmin continues to believe that the transaction represents a comprehensive solution to the challenges facing Lonmin and offers Lonmin and its stakeholders a more certain future than Lonmin could achieve by any alternative route.
The combination of Sibanye-Stillwater and Lonmin will create a larger, more resilient company, with greater geographical and commodity diversification, which is better able to withstand short-term commodity price and foreign exchange volatility.
The transaction remains subject to the satisfaction or (where applicable) waiver of the conditions set out in the announcement of the transaction by Lonmin and Sibanye-Stillwater on 14 December 2017.
Such conditions include, amongst others, the approvals of Lonmin and Sibanye-Stillwater shareholders and the courts of England and Wales.