Lonmin's bid to take over rival platinum miner Messina looks to be a step closer, following an announcement from the latter's shareholders.

Messina has revealed that its shareholders are set to meet with the High Court in January to discuss the buyout bid made by Lonmin earlier this year.

Lonmin increased its bid for Messina in November to R76.5 million as it looks to acquire the final 8.5 per cent stake it needs to complete ownership of Messina.

The order given by Justice Makhanya in the High Court explains the meeting is "for the purpose of considering, and, if deemed fit, approving with or without modification, the scheme of arrangement proposed by Lonmin", Mining Weekly reports.

If the deal goes through, it is understood that Messina will cease trading on February 7th 2006.

Implementation of the deal will require 75 per cent of the scheme's members to approve it, as well as the sanctioning of the deal by the High Court.


Ÿ Adfero Ltd