Royal Bafokeng Platinum CEO sees takeover by Impala as ‘likely’

Though the outcome remains in shareholders’ hands.
Image: Naashon Zalk/Bloomberg News

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.

COMMENTS   0

You must be signed in and an Insider Gold subscriber to comment.

SUBSCRIBE NOW SIGN IN

LATEST CURRENCIES  

USD / ZAR
GBP / ZAR
EUR / ZAR
BTC / USD

SEARCH COMPANIES
Enter company name or share code:

ECONOMIC DATA  

  CPIThe Consumer Price Index (CPI) measures monthly changes in prices for a range of consumer products Jun 2022 6.50%
  CPI ex OERThe Consumer Price Index excluding Owners’ Equivalent Rent (CPI ex OER) measures monthly changes in prices for a range of consumer products excluding Owners’ equivalent rent that measures changes in the cost of owner-occupied housing Jun 2022 6.90%
  RepoThe rate at which the Reserve Bank lends money to the country’s commercial banks and set by the Reserve Bank’s Monetary Policy Committee. Jul 2022 4.75%
  Prime lendingThe Prime Lending Rate is the rate of interest that commercial banks will charge their clients when issuing a loan (home loan or vehicle finance) Jun 2022 8.25%

Instrument Details  

You do not have any portfolios, please create one here.
You do not have an alert portfolio, please create one here.
INSIDER SUBSCRIPTION APP VIDEOS RADIO / LISTEN LIVE SHOP OFFERS WEBINARS NEWSLETTERS TRENDING

Follow us:

Search Articles:
Click a Company: