South African watchdog orders six-month hold on job cuts in Sibanye-Lonmin deal [Reuters]
LONMIN PLC AMERICAN DEPOSITARY RECEIPTS - SPONSORE (LNMIY)
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Source: Reuters
South African watchdog orders six-month hold on job cuts in Sibanye-Lonmin deal | Reuters 3 Min Read JOHANNESBURG (Reuters) - South Africa’s Competition Tribunal on Wednesday approved Sibanye-Stillwater’s ( SGLJ.J ) takeover of troubled platinum producer Lonmin ( LMI.L ) ( LONJ.J ) but imposed a six-month moratorium on job cuts. South Africa’s Sibanye has proposed to buy Lonmin for about 285 million pounds ($365 million) to create the world’s No. 2 platinum producer in a bid to ride out depressed prices for the metal. “The public interest will be best served if a moratorium were placed on all retrenchments for a period of 6 months,” the Tribunal, which has the final say on deals, said in a statement. Layoffs in South Africa are a politically sensitive issue and regulators have in the past placed caps on lay-offs as a condition of deals being approved. Unemployment in Africa’s most developed economy runs at around 28 percent. “They took into account all stakeholders but ultimately
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