Status:  Upcoming / New Filing

 

Acquirer:  Sibanye Gold Ltd.   (South Africa)

Acquired:  Stillwater Mining Co.   (US)

Value:  Approx. US$2.2 Billion

Industry:  Precious Metal Mining

 

Beautiful backgroundOn December 9, 2016 , Stillwater Mining Company, a Colorado based mining company, announced that it entered a merger agreement with Sibanye Gold Limited, a South Africa mining company, Thor US Holdco Inc., a wholly owned U.S. subsidiary of Sibanye Gold, and Thor Mergco Inc., a U.S. subsidiary of Thor US Holdco, pursuant to which Stillwater Minding will merge into Thor Mergco Inc. and become a direct wholly owned subsidiary of Thor US Holdco Inc. (See Stillwater Mining Form 8-K, Dec. 9, 2016; Agreement and Plan of Merger, Form 8-K, Ex-2.1, Dec. 9, 2016, SEC Filing.)

“Stillwater Mining Company is the only U.S. miner of platinum group metals (PGMs) and the largest primary producer of PGMs outside of South Africa and the Russian Federation.” (Stillwater Mining Press Release, Form 8-K, Ex-99.1, Dec. 9, 2016, SEC Filing.)  “Sibanye is the largest individual producer of gold from South Africa and is one of 10 largest gold producers globally and the world’s fifth largest producer of platinum group metals (PGMs).”  (Sibanye Gold website, Group Profile page.)

The parties have conditioned closing on Committee on Foreign Investment in the United States (CFIUS) clearance and have agreed to submit a joint voluntary notice “within 30 Business Days” of signing the agreement.  (Agreement and Plan of Merger, Sections 7.1.4; 6.9.2(A), Form 8-K, Ex-2.1, Dec. 9, 2016, SEC Filing.)