Lonmin PLC (LONJ.J)
15 Dec 2017
Fri, Dec 15 2017
LONDON Plans to cut around 13,000 jobs are likely to be the biggest obstacle to miner Sibanye-Stillwater winning South African regulatory approval for its proposed takeover of troubled rival Lonmin , the CEO of Lonmin told Reuters.
LONDON/JOHANNESBURG South Africa's Sibanye-Stillwater agreed to buy troubled miner Lonmin for about 285 million pounds ($382 million) to create the world's No. 2 platinum producer in a bid to ride out depressed prices for the metal.
LONDON Lonmin's main labor union in South Africa said on Thursday it would consider mass action to oppose the takeover of the struggling platinum miner by Sibanye-Stillwater , which Sibanye has already said will lead to 12,600 job cuts.
* Lonmin underperforms peers: http://bit.ly/2zbL36M (Updates with union comment, closing Lonmin shares)
LONDON (Reuters Breakingviews) - A South African giant has come to Lonmin’s rescue. Gold miner Sibanye-Stillwater has offered to buy the troubled platinum specialist for shares worth 246 mln pounds. The offer is far from generous when compared with available cost savings. But Lonmin’s financial woes and inability to raise equity make a share of a larger group look attractive.
Dec 14 South Africa's Sibanye-Stillwater has agreed to buy Lonmin, valuing the troubled platinum producer at about 285 million pounds ($382.47 million), the two companies said on Thursday.
JOHANNESBURG/LONDON Troubled platinum producer Lonmin plans to cut spending on social and labour projects and freeze "non-critical" recruitment, part of an array of measures to save cash, according to an unpublished presentation reviewed by Reuters.
JOHANNESBURG, Nov 6 South African stocks ended higher on Monday with Lonmin in the spotlight amid growing concerns about the future of the platinum miner.
* Union threatens strike in coming weeks (Adds Solidarity union comment)
* Company has fallen short in the past on its social obligations
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