A full takeover of South Africa’s Royal Bafokeng Platinum (RBPlat) by larger miner Impala Platinum is “likely,” RBPlat CEO Steve Phiri said on Wednesday, though the outcome remains in shareholders’ hands.
Speaking at a platinum group metals (PGMs) conference in Johannesburg, Phiri called a months-long bidding war between Impala and Northam Platinum “exciting,” saying he was not surprised the two were fighting over his company.
“They are entitled to do that, it is good for the shareholders, but it turns out to be quite a messy affair,” he said.
Impala CEO Nico Muller said the end goal for Impala was full control of RBPlat.
“It is a very important transaction for us, which is why we will pursue it very aggressively,” Muller told the conference.
Impala holds 35.31% of RBPlat and has made a mandatory offer to the mid-tier PGM producer’s shareholders to acquire the remaining shares, which RBPlat’s board recommended its shareholders accept. They have until June to decide.
REUTERS
