daniel chigunwe
News24.com
Implats and Royal Bafokeng Platinum (RBPlat) are in talks, which could see Implats buying out investors in the smaller company.
Should the proposal be successful, RBPlat would delist from the JSE, as the companies become a single platinum group metals entity.
RBPlat has a market capitalisation of R27.4 billion, while Impala, which has operations in Canada, Zimbabwe and South Africa, is valued at R172 billion.
“The parties have completed a reciprocal due diligence exercise and are progressing a proposed transaction implementation agreement,” the miners said in a joint statement. The companies however warned that the proposal does not constitute an offer or a firm intention to make an offer.
RBPlat was born out of a joint venture between Anglo American Platinum and Royal Bafokeng Holdings (RBH).
RBH, which is owned by the Royal Bafokeng Nation Development Trust, still holds 40 percent of the company. Some 60 percent of its shares are held by the market.
RBPlat owns two platinum mines – Bafokeng Rasimone and Styldrift – as well as the Bafokeng Rasimone Platinum Mine Concentrator complex and the Maseve concentrator plant.
RBPLat’s share price rocketed by almost 20 percent in opening trade on Wednesday, while Implats weakened by 2 percent.
What’s on the menu, as MPC meets
Bongani Ndlovu