Implats now has 32% of RBPlat

Impala Platinum (Implats), the world’s third-biggest platinum miner, says it has built up its stake in acquisition target Royal Bafokeng Platinum (RBPlat) to almost a third. Implats surprised the market on Monday with news it had made a R150 per share offer to RBPlat shareholders, seeking at least majority control of its peer.

Impala Platinum (Implats), the world’s third-biggest platinum miner, says it has built up its stake in acquisition target Royal Bafokeng Platinum (RBPlat) to almost a third.

Implats surprised the market on Monday with news it had made a R150 per share offer to RBPlat shareholders, seeking at least majority control of its peer.

A plan for full control, which was disclosed towards the end of October, was thrown off course when smaller rival Northam swooped in with an offer of R180 per share, or R17bn, to buy 32.5% of RBPlat.

Implats went to minority shareholders with a R150 offer — valuing RBPlat at about R43bn — and says it was pleased with how this was received, deciding to then extend a cash and share offer to the rest of them. This resulted in deals for a 24.5% stake. On Thursday the miner said it now has agreements that will bring this up to 31.94%.

Implats CEO Nico Muller said earlier this week he did not expect Northam to accept the R150 offer, given what it recently paid for its stake.

While Implats does not view the prospect of Northam as a joint venture partner negatively, it still wants a controlling stake in RBPlat, he said.

RBPlat’s shares closed at a record R152.94 on Wednesday, having risen by a quarter so far this week. The group’s shares have risen 61.3% since October 26, when the parties said they were in talks.