That the Public Investment Corporation has not decided on the offer yet is telling
This bout in the bushveld for Royal Bafokeng Platinum is entering round three with every chance of going the distance.
Implats surveyed its options after Northam took out RBPlat’s largest shareholder, the Bafokeng, and in effect the rights to a 36.1% shareholding and decided to “wall-cross” the top five shareholders underneath that, but didn’t manage to secure the Public Investment Corporation .
Adding extra intrigue to the deal is the fact that the National Union of Mineworkers has also come out strongly against Implats, especially in light of the long and complicated history the Royal Bafokeng Nation and Implats share, which involved among many things a royalties-equity swap in 2006 that led to the Royal Bafokeng Nation owning 13.
“We do not understand why the RBPlat board has now gone as far as even agreeing to pay Impala a break-fee of more than R200m to help protect Impala further, and why it has committed to work exclusively with Impala at the clear exclusion of Northam, when the RBPlat board clearly made no effort to ever work with Northam.”
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