Northam Platinum has launched an application to the Competition Tribunal to intervene in the approval process for Impala Platinum’s acquisition of stake in Royal Bafokeng Platinum (RBPlat).
The move by Northam has shifted key times and dates relating to its offer to RBPlat as a result the closing date of Implats’ offer to all shareholders shifting from 17 June to 18 July. The deadline for the transaction to be completed is now 8 August.
Impala has for years been keen on acquiring Royal Bafokeng Platinum, but just as a deal appeared imminent late last year Northam Platinum swooped in to acquire a 32% shareholding from RBPlat's parent company, Royal Bafokeng Holdings, at a premium price.
Northam has since grown that stake to 34.95%.
Impala Platinum has meanwhile offered to buy out all RBPlat shareholders and to date has acquired 37.83% of the shares.
The deal, however, requires approval from South Africa’s competition authorities.
The Competition Commission has recommended to the Competition Tribunal that the transaction be approved.
"Notwithstanding the Competition Commission’s positive recommendation, the parties were informed on 18 May 2022 that Northam Platinum Holdings Limited intends making an application to intervene in the Competition Tribunal approval processes," Implats said on Friday.
RBPlat said it and Implats are currently progressing the proceedings before the Tribunal and are in the process of engaging with the Minister of Trade, Industry and Competition regarding the public interest considerations applicable to the offer.