LONDON (Reuters) – A majority of Lonmin’s shareholders approved on Tuesday the takeover of the platinum producer by South Africa’s Sibanye-Stillwater at a meeting in London.
Earlier on Tuesday, Sibanye-Stillwater said 87% of its shareholders backed the all-share offer, which it revised last month to value the struggling Lonmin at 226 million pounds ($286 million), 60 million pounds less than originally proposed.
Lonmin was hit hard by the drop in platinum prices and has had to cut spending and jobs in order to retain a positive balance sheet, a condition of Sibanye’s proposed offer.
Shares in London-listed Lonmin were up 5.2% at 1131 GMT, while Sibanye’s were up 5.8%.
(Reporting by Zandi Shabalala; Editing by Edmund Blair and Mark Potter)