South Africa’s Sibanye-Stillwater (SSWJ.J) said on Tuesday it now controlled nearly 71% stake in New Century Resources (NCZ.AX), two weeks after launching an unsolicited takeover bid as it lost confidence in the Australian zinc miner’s board.
The South African precious metals producer launched an A$1.10 cash per share offer through its local unit on Feb. 21, valuing the Australian miner at A$144.1 million ($97.18 million).
Sibanye-Stillwater, which owned a 19.9% stake in New Century when the unsolicited offer was launched, has steadily racked up its stake in the Australian miner to up to 70.55% as of March 7, making it the controlling shareholder.
“Given that Sibanye Australia currently has voting power in 70.55% of the shares, Sibanye Australia believes the likelihood of a competing proposal emerging for New Century is low,” the South African firm said.
Learn more: Reuters