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Sibanye to raise $1bn in equity for Stillwater deal

The company also said it would raise a further $1 billion in debt, most likely in the bond market, to fund the transaction.

FILE: Sibanye Gold's Cooke 1 shaft. Picture: sibanyegold.co.za.

JOHANNESBURG – South African miner Sibanye Gold plans to tap shareholders for about $1 billion to partly fund a takeover of US-based Stillwater Mining Co, it said on Tuesday, a day after the deal secured a US regulatory approval.

The Committee on Foreign Investment in the United States, which examines deals for potential national security concerns, has cleared Sibanye’s $2.2 billion takeover of the country’s sole platinum and palladium miner.

The deal will increase South Africa’s grip over global platinum and palladium supply and underline Sibanye Chief Executive Neal Froneman’s determination to branch out of gold mining and South Africa.

“Sibanye management and board has determined that a US$1 billion equity capital raise, through the rights offer, is optimal given current market conditions,” it said in a statement.

The company also said it would raise a further $1 billion in debt, most likely in the bond market, to fund the transaction.

It expects the two tranches of capital to be raised by the end of June.

The deal is still subject to shareholder votes of both companies. Stillwater and Sibanye have scheduled shareholders’ meetings on 25 April to vote on the proposed merger.

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