South Africa’s Harmony Gold gets FIRB approval for $1.6b takeover bid for MAC Copper
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The news: The federal government’s Foreign Investment Review Board has greenlit South African miner Harmony Gold’s proposal to fully acquire MAC Copper at an implied equity value of around $1.6 billion.
The numbers: In late May, MAC Copper announced that it would enter into a scheme implementation deed to be fully acquired by Harmony for USD12.25 ($18.81) per share. This implies a fully diluted equity value for MAC of about USD1.03 billion.
The context: All regulatory conditions for the scheme have been satisfied, having already received South African Reserve Bank approval in early August. MAC Copper shareholders are due to vote on the proposed takeover on 29 August.
MAC Copper CEO Mick McMullen also flagged that the consents condition of the scheme has been “materially resolved” as restructuring documents have been fully executed and remaining deliverables are well underway.
What they said: “The MAC Directors remain unanimous in recommending that scheme shareholders vote in favour of the scheme at the court meeting and that MAC shareholders vote in favour of the general meeting resolution, in the absence of a superior proposal,” McMullen said.
The source: ASX
