Sibanye shareholders approve revised $286 mln Lonmin takeover


By Tanisha Heiberg

JOHANNESBURG, May 28 (Reuters) - Sibanye-Stillwater SGLJ.J shareholders approved a takeover of Lonmin LML.L to create the world's second-largest platinum producer, boosting shares in both firms on Tuesday.

Sibanye said that 87 percent of its shareholders backed the all-share offer, which it revised last month to value the struggling miner at 226 million pounds ($286 million), 60 million pounds less than originally proposed.

Shareholders in Lonmin are also due to vote on the Sibanye takeover at a meeting in London on Tuesday.

Lonmin was hit hard by the drop in platinum prices and has had to cut spending in order to retain a positive balance sheet, a condition of Sibanye's proposed offer.

Shares in London-listed Lonmin rose 6.77 percent by 0925 GMT, while Sibanye's were up 7 percent.

($1 = 0.7892 pounds)

(Reporting by Tanisha Heiberg and Barbara Lewis; Editing by Mark Potter and Alexander Smith)

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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