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South Africa's Sibanye-Stillwater to buy troubled platinum producer Lonmin

A worker walks past the Marikana platinum mine, operated by Lonmin Plc, in Marikana, South Africa, on Monday, Nov. 9, 2015.
Waldo Swiegers | Bloomberg via Getty Images
A worker walks past the Marikana platinum mine, operated by Lonmin Plc, in Marikana, South Africa, on Monday, Nov. 9, 2015.

South Africa's Sibanye-Stillwater has agreed to buy Lonmin, valuing the troubled platinum producer at about 285 million pounds ($382.47 million), the two companies said on Thursday.

Under the offer, each Lonmin Shareholder will receive 0.967 new Sibanye-Stillwater shares for each Lonmin share.

The deal values each Lonmin Share at 86.3 pence and represents a premium of about 35 percent to its closing price on Dec. 13.