Tribunal approves Implats’ buyout of RBPlat subject to conditions

  • Thursday, November 17, 2022

  • Keywords:steel
[Fellow]Tribunal approves Implats’ buyout of RBPlat subject to conditions
【】The Competition Tribunal has approved the proposed large merger whereby Impala Platinum (Implats) intends to acquire all shares in Royal Bafokeng Platinum (RBPlat), subject to a package of competition and public interest conditions.

The conditions relate to, among others, Implats honouring its current contracts, as well as securing commercial terms for the renewal of contracts.

The conditions further seek to promote a greater spread of ownership and involve commitments relating to an employee share ownership scheme.

In terms of promoting small and medium-sized businesses, the conditions involve commitments towards small, medium-sized and microenterprise suppliers and enterprise supplier development.

Further, the conditions make provision for local investment initiatives to benefit local communities, as well as local procurement commitments. Provision is also made for employment-related conditions such as a moratorium on any merger-related retrenchments.

Both Implats and Northam Platinum have been seeking to acquire all of the RBPlat shares they do not already own, with Northam having made a formal bid to RBPlat just last week. 

  • [Editor:zhaozihao]

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