Lonmin PLC (LONJ.J)
19 Feb 2018
Mon, Jan 22 2018
* Sibanye says results don't affect its takeover plan (Adds detail)
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and labor projects and freeze "non-critical" recruitment, part of an array of measures to save cash, according to an unpublished presentation reviewed by Reuters.
(This version of the Nov 28 story was corrected to make clear PIC is largest Lonmin shareholder not majority owner in paragraph 2)
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.
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