Competition Commission approves acquisition

SA Competition Commission makes recommendation to the Tribunal that the Lonmin acquisition be approved subject to agreed conditions

 

Sibanye-Stillwater and Lonmin Plc noted that the South African Competition Commission has recommended that the South African Competition Tribunal approves the proposed acquisition of Lonmin Plc, subject to certain conditions, which are agreeable to both Sibanye-Stillwater and the Commission. The Tribunal is the regulatory body which provides final approval for large mergers in South Africa.

 

Despite the Commission noting a vertical and horizontal overlap of Sibanye-Stillwater and Lonmin’s activities in the PGM industry, the Commission found that the proposed merger is unlikely to substantially prevent or lessen competition in any of the markets affected by the proposed merger.

 

Certain conditions pertaining to public interest concerns related to the merger, agreed to between the Commission and Sibanye-Stillwater, are consistent with Sibanye-Stillwater’s approach to stakeholder engagement and its vision of “delivering superior value to all stakeholders”.

 

Ben Magara, CEO of Lonmin added: "We are pleased that the parties have reached the agreed conditions and that our transformation journey will continue." 

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