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ST. HELIER, Jersey - MAC Copper Limited (NYSE:MTAL; ASX:MAC) announced Thursday that the Royal Court of Jersey has ordered shareholder meetings to consider the proposed acquisition of the company by Harmony Gold Mining Company Limited (JSE:HAR, NYSE:HMY), a mining company with a market capitalization of $3.17 billion. Harmony Gold’s stock has shown strong momentum recently, gaining nearly 12% in the past week.
The acquisition would be executed through Harmony’s wholly owned subsidiary, Harmony Gold (Australia) Pty Ltd, via a Jersey law scheme of arrangement. The court has ordered MAC to convene both a Court Meeting for scheme shareholders and a General Meeting to approve matters related to the transaction. According to InvestingPro data, Harmony Gold operates with a moderate debt level, maintaining a debt-to-equity ratio of 2.31, while receiving a FAIR overall Financial Health Score.
MAC’s board of directors unanimously recommends shareholders vote in favor of the scheme, with board members intending to vote their combined 2.44% stake in support of the transaction, absent a superior proposal.
The meetings will be held on Friday, August 29, 2025, at 44 Esplanade, St Helier, Jersey, with virtual attendance options available. The Court Meeting is scheduled for 12:30 pm Jersey time (7:30 am New York time), followed by the General Meeting at 1:00 pm Jersey time.
Shareholders whose names appear on the register as of July 29, 2025, will be entitled to vote. The company expects to dispatch a scheme circular containing full details of the transaction to shareholders and CDI holders by August 4, 2025.
MAC has postponed its previously scheduled Annual General Meeting to allow shareholders to focus on the acquisition proposal.
The announcement, based on a company press release, indicates the final court approval for the scheme would follow successful shareholder votes, though specific completion timing was not disclosed. InvestingPro subscribers can access additional insights about Harmony Gold’s financial position and 8 more exclusive ProTips to better evaluate this acquisition’s potential impact.
In other recent news, MAC Copper Limited has announced a significant development regarding its acquisition by Harmony Gold Mining Company Limited. The first court hearing for this proposed acquisition is scheduled for July 30, 2025. This hearing is crucial as it seeks court approval to distribute scheme documents and organize shareholder meetings. These actions are part of the Jersey law scheme of arrangement that was initially announced on May 27, 2025. Investors will be watching closely as this merger progresses, given its potential impact on the involved companies. The outcome of the court hearing will be an important milestone in the acquisition process.
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