Harmony Gold Secures Key Regulatory Approval for $MAC Takeover
MAC Copper has secured a crucial regulatory green light from the South African Reserve Bank, advancing Harmony Gold’s proposed acquisition. Shareholders are now gearing up to vote on the deal at meetings scheduled for late August.
- South African Reserve Bank approves Harmony Gold’s funding for MAC acquisition
- Regulatory condition precedent in Implementation Deed satisfied
- Shareholder meetings set for 29 August 2025 to vote on the Scheme
- Harmony awaiting Foreign Investment Review Board approval
- MAC Directors unanimously recommend voting in favor of the Scheme
Regulatory Milestone Achieved
MAC Copper Limited has announced a significant step forward in its proposed acquisition by Harmony Gold. The South African Reserve Bank (SARB) has formally confirmed it has no objection to Harmony’s funding arrangements for the transaction. This approval satisfies a key regulatory condition precedent outlined in the Implementation Deed, removing a major hurdle in the path to completion.
Next Steps for Shareholders
With SARB’s approval secured, MAC Copper is now focusing on the upcoming shareholder votes. The company has scheduled both a Court Meeting and a General Meeting for 29 August 2025, where shareholders will decide on the Scheme of Arrangement that underpins the acquisition. MAC’s CEO Mick McMullen has urged shareholders to vote well ahead of the cut-off dates, emphasizing the board’s unanimous recommendation in favor of the Scheme, barring any superior proposals.
Remaining Conditions and Approvals
Despite this regulatory win, the transaction is still contingent on several other approvals. Harmony must obtain clearance from Australia’s Foreign Investment Review Board, and the Scheme must be sanctioned by the Jersey court. Additionally, certain conditions related to the Streams Restructure Deed must be satisfied or waived. These remaining steps introduce an element of uncertainty, though the progress to date is encouraging.
Strategic Implications
MAC Copper’s focus on metals critical to electrification and decarbonization aligns well with Harmony Gold’s strategic ambitions. The acquisition, if completed, would expand Harmony’s footprint in stable jurisdictions and potentially enhance its portfolio in the growing green economy sector. Investors will be watching closely as the deal moves toward shareholder approval and final court sanction.
Bottom Line?
With SARB approval secured, all eyes turn to the shareholder vote and final regulatory hurdles that will decide MAC Copper’s future.
Questions in the middle?
- Will the Foreign Investment Review Board approve the acquisition without additional conditions?
- Could any superior proposal emerge before the shareholder vote?
- How will the Streams Restructure Deed conditions impact the transaction timeline?
