Shareholders of
About 82.9% of the votes cast at a special meeting in mid-June were in favour of the deal.
Stillwater, the lone primary producer of platinum group metals in the U.S., says the Federal Trade Commission granted it an early termination of the waiting period required under U.S. antitrust laws.
The deal cleared its final hurdle soon thereafter when the Central Bank of Russia gave its consent. Under Russian law, bank approval is required for any capital investment abroad by Russian companies.
Russian-based Norilsk will pay US$100 million in cash and deliver 877,000 oz. palladium for its majority stake. At its unveiling late last year, the metal portion was worth about US$241 million. At presstime, the value had shrunk to US$161.4 million, based on a London afternoon close on June 16 of US$184 per oz. palladium.
The deal will see Stillwater mint some 45.5 million new shares for issue to Norilsk, more than doubling the current number of outstanding shares. The pair expect the deal to close by the end of June.
Stillwater has been scrambling to raise cash after development of two Montana mines, East Boulder and Stillwater, sent debt soaring just as the price of palladium fell to 5-year lows.
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