This will result in black investors holding a 13% interest in the company and the Bafokeng business it acquired last year.

Shareholders in both companies interviewed by Bloomberg said there was still likely to be some room for a sweetened offer before a May 22 cut-off.

Anglo American stated that the new offer was "highly unattractive" for its shareholders.

Demand for the metal in autocatalyst is expected to rise about 2% for the whole year.

Average prices are expected to fall this year compared with 2023 despite another year of structural deficit.

Anglo shareholders have been urging the company to explain how it would create more value than by just selling to the rival.

Sibanye CEO Neal Froneman said in the update that declining earnings could impact the company's debt covenants.