Sibanye Gold brings R13.5bn rights offer for Stillwater acquisition
A sell-off of shares in Sibanye Gold, one of the largest South African gold mining companies, entered its second day on Friday after the company unveiled terms for a highly dilutive R13.5bn ($1bn) rights issue on Thursday morning.
Sibanye, listed in Johannesburg and New York, closed 4% lower on Thursday at R27.30. By 2pm on Friday it had fallen another 6% to R25.64.
The deal is underwritten by Citigroup, HSBC, JP Morgan, Morgan Stanley and Rand Merchant Bank.
Under the terms of the nine
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