Deals
Sibanye Gold to Buy Miner Aquarius Platinum for $294 Million
- Offer follows deal to buy Anglo American assets in S. Africa
- Aquarius' biggest shareholder Investec opposed to takeover
This article is for subscribers only.
Sibanye Gold Ltd., the largest miner of bullion in South Africa, agreed to buy Aquarius Platinum Ltd. for $294 million, further increasing its exposure to the precious metal following its agreement to buy some Anglo American Platinum Ltd. assets in the country last month.
The company will offer $0.195, or 2.66 rand, a share for Aquarius, Sibanye said in a statement on Tuesday. While Aquarius’ board has recommended shareholders vote in favor of the offer, Investec, the company’s biggest investor, said it opposes the deal. The platinum miner’s shares rose 37 percent to 2.32 rand in Johannesburg.