MAC Copper clears final regulatory hurdle in Harmony takeover
NYSE- and ASX-listed MAC Copper said on Monday that Australia’s Foreign Investment Review Board (FIRB) had cleared Harmony Gold Mining Company’s proposed acquisition of the company, satisfying all regulatory conditions for the deal.
Harmony, through its Australian unit, is seeking to acquire all shares in MAC Copper via a court-sanctioned scheme of arrangement under Jersey law. The South African Reserve Bank had already given its approval.
“The receipt of regulatory approval from FIRB … is another significant step towards implementation of the transaction as all requisite regulatory approvals have now been obtained,” MAC Copper CEO Mick McMullen said in a statement.
Shareholders will vote on the deal at meetings scheduled for August 29 in Jersey and online. The scheme still requires approval from investors, satisfaction of certain restructuring conditions, and sanction by the court.
The directors of MAC Copper unanimously recommend that shareholders vote in favour of the deal, in the absence of a superior proposal, the company said.
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