Why Did MAC Copper Shareholders Overwhelmingly Approve Harmony Gold’s Takeover?
MAC Copper Limited shareholders have decisively approved the proposed acquisition by Harmony Gold, clearing a major hurdle for the transaction. The scheme now awaits final court sanction before becoming effective.
- Over 98% shareholder approval for scheme at Court Meeting
- Nearly 98% support at General Meeting for acquisition resolutions
- Court Sanction Hearing scheduled for 9 October 2025
- MAC shares expected to suspend trading on NYSE and ASX post-approval
- Harmony Gold to acquire 100% of MAC Copper via Jersey law scheme
Shareholders Endorse Harmony Gold Acquisition
MAC Copper Limited (ASX – MAC; NYSE – MTAL) has secured overwhelming shareholder approval for its proposed acquisition by Harmony Gold Mining Company Limited. The votes cast at both the Court Meeting and General Meeting surpassed the required majorities, signaling strong investor confidence in the transaction. Specifically, 98.43% of votes at the Court Meeting and 97.84% at the General Meeting were in favour of the scheme of arrangement and related resolutions.
Next Steps – Court Sanction and Trading Suspension
With shareholder approval secured, MAC Copper will now seek the Royal Court of Jersey's sanction of the scheme at a hearing scheduled for 9 October 2025. If granted, the scheme will become effective upon registration with the Registrar of Companies on 10 October. Subsequently, MAC shares are expected to be suspended from trading on the NYSE on 10 October, followed by suspension of MAC CDIs on the ASX on 13 October. These steps mark the formal transition of MAC Copper into Harmony Gold’s portfolio.
Strategic Implications for MAC and Harmony Gold
The acquisition aligns with Harmony Gold’s strategy to expand its footprint in metals critical to electrification and decarbonization. MAC Copper’s assets, located in stable jurisdictions, complement Harmony’s existing operations and enhance its exposure to copper, a key metal in the global energy transition. For MAC shareholders, the deal represents an opportunity to realise value through Harmony’s offer, while for Harmony, it strengthens its position in the competitive mining sector.
Market and Regulatory Watch
Investors and market watchers will be closely monitoring the outcome of the court sanction hearing and the subsequent timeline for transaction completion. The suspension of MAC’s securities from trading will temporarily remove the stock from public markets, shifting focus to Harmony’s integration plans. Regulatory approvals appear on track, but the final court decision remains a critical milestone before the deal can close.
Communication and Support for Shareholders
MAC Copper has provided dedicated contact points for shareholders and CDI holders to address any questions regarding the scheme. This proactive communication underscores the company’s commitment to transparency during the transition phase. As the process advances, further announcements will clarify the closing timetable and next steps for all stakeholders involved.
Bottom Line?
With shareholder backing secured, all eyes now turn to the court’s final approval and the imminent trading suspension that will mark a new chapter for MAC Copper under Harmony Gold’s ownership.
Questions in the middle?
- Will the Royal Court of Jersey sanction the scheme without conditions?
- What is the expected timeline for Harmony Gold to fully integrate MAC Copper’s operations?
- How will the trading suspension impact MAC Copper’s liquidity and investor sentiment in the short term?
