| Competition watchdog to scrutinise Lonmin's merger with rival | |
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Lonmin’s merger with a South African rival was dealt another blow on Tuesday after the competition watchdog said it will investigate the tie-up. The Competition and Markets Authority, under pressure after blocking other rescue deals, will examine if the proposed $383 million (£283 million) deal with Sibanye-Stillwater would make the platinum market less competitive. The union would create one of the world’s biggest platinum producers if it goes ahead, controlling a 25% chunk of the market. The CMA said it will consider whether the tie-up will lessen competition “within any market or markets in the United Kingdom for goods and services”. However, City folk have argued that it will be given the okay because it is technically a rescue deal. Lonmin, the loss-making firm from the late tycoon Tiny Rowland’s sprawling Lonrho empire, admitted yesterday its cash pile had shrunk from $75 million to $17 million. Sibanye-Stillwater has said it wants Lonmin to have cash in the bank, though it’s not a formal requirement. The precious metal company insisted it was on track to be cash positive. The takeover will require further approval in South Africa as well as the nod from shareholders. |
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Lonmin PLC.
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PRODUCER |
CODE : LMI.L |
ISIN : GB0031192486 |
CUSIP : 54336Q203 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Lonmin is a gold and platinum producing company based in United kingdom. Lonmin produces gold, platinum, palladium and rhodium in South Africa, and holds various exploration projects in Canada, in Gabon, in South Africa and in Tanzania. Its main assets in production are PANDORA JV, LIMPOPO, MARIKANA, EASTERN PLATINUM (EPL) and KAREE MINE (WPL) in South Africa and its main exploration properties are LUWUMBU in Tanzania, PANTON in Australia, MESSINA PLATINIUM and WESTERN PLATINUM in South Africa and WINDY LAKE in Canada. Lonmin is listed in Germany, in United Kingdom and in United States of America. Its market capitalisation is GBX 21.4 billions as of today (US$ 25.0 billions, € 22.0 billions). Its stock quote reached its highest recent level on August 28, 2009 at GBX 9 964.65, and its lowest recent point on June 28, 2019 at GBX 75.60. Lonmin has 282 784 288 shares outstanding. |