Stillwater Mining closes Marathon PGM takeover.
US platinum extractor Stillwater Mining Company (NYSE:SWC) has completed the previously announced acquisition of Canadian peer Marathon PGM Corp (TSE:MAR) for CAD123m (USD120.2m/EUR92.2m) in cash and stock, the companies said in a joint statement.
The completion of the deal follows approval by Marathon PGM shareholders and the usual regulatory clearance.
According to Stillwater, the acquisition is expected to raise its platinum and palladium production by 40% over the next four years. The deal will also have a positive impact on Stillwatera[euro](tm)s net asset value per share and on its cashflow within the following three years.
Shares in Marathon PGM will cease trading on the Toronto Stock Exchange at closing on 2 December.Country: , CanadaSector: Metals/MiningTarget: Marathon PGM CorporationBuyer: Stillwater Mining CompanyDeal size in USD: 120.2mType: P2PStatus: Closed