The deal
was approved this week by South Africa’s Competition Commission, which is recommending the Competition Tribunal approve it on the basis it is unlikely to reduce competition in the ferro-chrome market.
ASA Metals is the second of three failed producers to be taken over by Samancor, which restarted the South African chrome-producing arm of International Ferro Metals furnaces (IFM) in November 2016.
Neither takeover was straightforward; negotiations over a previous offer by another joint venture between Samancor and Sinosteel failed in August 2016, prompting ASA to invite fresh offers.
And Samancor had to reduce its offer for the IFM business by 28% early last year following a chrome ore supply dispute between IFM and one of its suppliers.
But the latest deal is likely to have been worth the wait for Samancor, especially...
