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ST. HELIER, Jersey - MAC Copper Limited (NYSE:MTAL; ASX:MAC) announced Monday that its acquisition by Harmony Gold Mining Company Limited (JSE:HAR, NYSE:HMY), a mining company with a market capitalization of $3.4 billion and strong liquidity position, is moving forward with a proposed closing timetable, pending court approval. According to InvestingPro data, Harmony Gold maintains more cash than debt on its balance sheet, with a healthy current ratio of 1.37.
The Jersey law scheme of arrangement is scheduled for a Court Sanction Hearing on October 9, 2025. If approved, the transaction will proceed with key dates including an Effective Date of October 10, followed by suspension of MAC Copper trading on both the ASX and NYSE.
According to the timetable released in the company’s press statement, MAC CDI holders may sell their securities on the ASX until market close on October 10, after which trading will be halted. Similarly, shareholders can trade MAC shares on the NYSE until market close on the same day. Harmony Gold shares are currently trading near their 52-week high, with InvestingPro analysis showing 15+ additional insights about the company’s market performance and valuation metrics available to subscribers.
The scheme consideration payments will begin on October 27 for shares held within DTC, with payments for shares held outside DTC and for MAC CDIs scheduled for October 31. Complete delisting from the NYSE is expected on October 24, with ASX delisting to follow on November 3.
Payment methods will vary based on how investors hold their securities and their existing payment instructions. Shareholders holding through DTC will receive payments in U.S. dollars according to their broker arrangements, while direct shareholders and CDI holders will receive payments via electronic transfer or check, depending on their registered preferences.
The acquisition involves Harmony Gold (Australia) Pty Ltd, a wholly owned subsidiary of Harmony Gold Mining Company Limited, purchasing 100% of MAC Copper’s issued share capital.
MAC Copper describes itself as a company focused on operating and acquiring metals and mining businesses in stable jurisdictions that are critical to global electrification and decarbonization efforts. The acquisition target, Harmony Gold, trades at a P/E ratio of 14.6 and a Price/Book ratio of 1.04, with InvestingPro indicating the stock is currently trading above its Fair Value.
In other recent news, Harmony Gold Mining Company Limited has received crucial regulatory approvals for its proposed acquisition of MAC Copper Limited. The acquisition process has moved forward with approvals from Australia’s Foreign Investment Review Board and the Financial Surveillance Department of the South African Reserve Bank. These approvals satisfy key regulatory conditions for the transaction, which is structured as a Jersey law scheme of arrangement. Additionally, MAC Copper has announced that the Royal Court of Jersey has ordered shareholder meetings to consider the acquisition proposal. These meetings will include both a Court Meeting for scheme shareholders and a General Meeting to address matters related to the transaction. The first court hearing for the acquisition is scheduled for July 30, 2025, aiming to secure court approval to dispatch scheme documents and convene these shareholder meetings. Harmony Gold’s Australian subsidiary is set to acquire 100% of MAC Copper’s issued share capital. These developments mark significant progress in the acquisition process, ensuring that all necessary regulatory conditions have been met.
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