Ashurst advises Sibanye Stillwater on 150 million acquisition of New Century Resources
18 May 2023
18 May 2023
Global law firm Ashurst has advised Sibanye-Stillwater on its off-market takeover bid to acquire all of the ordinary shares in New Century Resources for $1.10 cash per share, for a total value of approximately A$150 million.
Sibanye-Stillwater is a multinational mining and metals processing group with a diverse portfolio of projects and investments across five continents. The Sibanye Group is also a global recycler of PGM autocatalysts and has interests in mine tailings retreatment operations. Sibanye-Stillwater originally acquired a 19.9% interest in New Century in 2021, consistent with its strategy to increase its global exposure to the circular economy by growing its tailings retreatment and recycling presence. Ashurst advised Sibanye-Stillwater on the original investment in 2021.
The takeover bid was announced on 21 February 2023, and it has now completed acquiring all of the shares in New Century. Ashurst advised Sibanye-Stillwater on all aspects of the takeover bid.
Partner Ben Stewart said:
"We are delighted to have assisted Sibanye-Stillwater on another important transaction in Australia – one which represents a unique opportunity for Sibanye-Stillwater to further diversify geographically and provide a foothold into Australia."
The Ashurst team was led by partners Ben Stewart and Andrew Kim, who was assisted by: partner Greg Golding, senior associates Jemimah Giblett, Joseph Nguyen, and Josh Walsh, and associates Daniel Lucanus, Sarah Park, Davy Hu, and Benjamin Paganin (Corporate Transactions); partner Gaelan Cooney, counsel Marina Tinning, and associates Dominique Roth, Chris Minus, and Jade Campbell (Projects & Energy Transition PG); partners Andrew Gay and Tony Denholder, consultant Rob Jamieson, counsel Michael Voros, senior associates Amaya Fernandez, Alex Buck, and Roxane Read, and associates Leanne Mahly and Alysha McCuish (Planning Access and Environment); partners Ian Kellock, Costa Koutsis, and Sanjay Wavde, counsel Bronwyn Kirkwood, senior associates Julia Bolodurina and Anthony Hui, and associate Laura Scro (Tax); partner Julia Sutherland and counsel Melanie Taylor (Employment); partner Rehana Box (Insurance); partner Catherine Pedler and associates Finley Harding and Yasoda McGeary (Dispute Resolution); partner Justin Jones (Competition); and partner Ross McClymont (Restructuring & Special Situations Group).