2023-03-07 08:49:44 ET
Sibanye Stillwater ( NYSE: SBSW ) said Tuesday it now controls a more than 70% stake in Australian zinc miner New Century Resources ( OTCPK:NWNNF ), two weeks after launching an unsolicited takeover bid valued at A$144.1M (~US$97.2M).
Sibanye ( SBSW ) had owned a 19.9% stake in New Century ( OTCPK:NWNNF ) when it launched its unsolicited offer and has steadily raised its stake to 70.55% as of March 7.
The company also said it placed a buy order on the local stock exchange and the Chicago Board Options Exchange to purchase shares on market at or below the A$1.10 offer price.
Sibanye ( SBSW ), which was attracted to New Century ( OTCPK:NWNNF ) because of its tailing business to produce zinc, has been concerned about change in the company's strategic direction under the current management.
Sibanye Stillwater ( SBSW ) cited several factors including a long strike at its South African gold mines and flooding at its U.S. platinum operations when it recently reported its FY 2022 net profit had been chopped in half .
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Sibanye Stillwater amasses 70%-plus stake in New Century Resources