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ST. HELIER, Jersey - MAC Copper Limited (NYSE:MTAL; ASX:MAC) announced Tuesday that the first court hearing for its proposed acquisition by Harmony Gold Mining Company Limited (JSE:HAR, NYSE:HMY) is scheduled for July 30, 2025. Harmony Gold, currently valued at $2.87 billion with a P/E ratio of 8.55, appears undervalued according to InvestingPro Fair Value analysis.
The hearing aims to obtain court approval to dispatch scheme documents and convene shareholder meetings regarding the Jersey law scheme of arrangement announced on May 27, 2025.
Subject to court approval, MAC anticipates sending the scheme circular to shareholders on August 4, with shareholder meetings scheduled for August 29 to vote on the transaction.
The company also reported progress on satisfying transaction conditions, including executing restructuring documents with Harmony, OR Royalties Limited, and Glencore related to copper and silver streaming agreements and royalty arrangements. These amendments will take effect after the scheme implementation. Harmony Gold’s overall financial health score is rated as FAIR by InvestingPro analysts, based on comprehensive evaluation of growth, profitability, and cash flow metrics.
Regulatory applications have been submitted to the Australian Foreign Investment Review Board and the South African Reserve Bank for required approvals.
MAC’s board unanimously recommends shareholders vote in favor of the scheme in the absence of a superior proposal. The company’s directors, who control 2.4% of MAC’s shares, intend to vote in favor under the same condition.
The transaction would result in Harmony acquiring 100% of MAC’s issued share capital if approved by shareholders and the court.
MAC noted that as the scheme will be governed by Jersey law, it will not be subject to the Australian Corporations Act or oversight by Australian regulatory authorities, subject to relevant consents and approvals.
The announcement was based on a company press release statement.
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