Implats to close North American Palladium takeover this week

10.12.2019, 21:58 - eeppo

South African miner Impala Platinum Holdings (Implats) has received all the required regulatory approvals for its proposed acquisition of Canada’s North American Palladium (NAP).

The C$758 million transaction, which was first announced in October, remains on track to close on December 13, NAP said in a statement. Last week, NAP shareholders voted 96% in favour of the Implats takeover.

Under the terms of the agreement, NAP shareholders will receive C$19.74 per share, while Brookfield Business Partners LP, a majority shareholder, will receive C$16.00 cash per share. At market open Tuesday, NAP’s stock was trading at C$19.72 per share.

Brookfield previously rescued NAP from near bankruptcy with a $130 million loan after a financially crippling mine expansion in 2013.

With the acquisition, Implats will add NAP’s main operating asset — the Lac des Iles mine in Northern Ontario — to its project portfolio, which the company says will expedite its transition to becoming a multinational producer.