(Bloomberg) -- Sibanye Gold Ltd. said the South African Reserve Bank approved its planned takeover of fellow platinum producer Lonmin Plc, bringing the deal a step closer to success.
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Lonmin is under pressure to close the transaction quickly after receiving debt-covenant waivers from lenders until early next year and after Sibanye warned its shareholders may not approve the deal if it means adding debt by the time the deal closes.
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The transaction still requires approval by both sets of shareholders and competition authorities in South Africa and the U.K.
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