(Bloomberg) -- Sibanye Gold Ltd. said the South African Reserve Bank approved its planned takeover of fellow platinum producer Lonmin Plc, bringing the deal a step closer to success.
Lonmin is under pressure to close the transaction quickly after receiving debt-covenant waivers from lenders until early next year and after Sibanye warned its shareholders may not approve the deal if it means adding debt by the time the deal closes.
The transaction still requires approval by both sets of shareholders and competition authorities in South Africa and the U.K.
To contact the reporter on this story: Liezel Hill in Johannesburg at lhill30@bloomberg.net.
To contact the editors responsible for this story: Lynn Thomasson at lthomasson@bloomberg.net, Paul Richardson
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