Implats to close North American Palladium takeover this week
South African miner Impala Platinum Holdings (Implats) has received all the required regulatory approvals for its proposed acquisition of Canada’s North American Palladium (TSE: PDL).
The C$758 million transaction, which was first announced in October, remains on track to close on December 13, North American Palladium said in a statement. Last week, shareholders voted 96% in favour of the Implala takeover.
Under the terms of the agreement, North American Palladium 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 North American Palladium from near bankruptcy with a $130 million loan after a financially crippling mine expansion in 2013.
With the acquisition, Implats will add North American Palladium’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.