Anglo-American takeover bid for Sirius Minerals approved

The offer of £405 million for Sirius Minerals by giant mining corporation Anglo-American was approved late yesterday after a tense few days during which some shareholders sought to find a better deal. The Anglo-American bid meant that shareholders would receive only 5.5p per share, with many small investors losing a lot of money. In the event, an alternative arrangement could not be made in time. Over 50% of shareholders by number had to vote in favour of the deal, and 62% did so. In a second vote, at least 75% of shareholders by value had to approve, and 80% did so. 

The result means that the future of the huge polyhalite mine is secured, and with it hundreds of jobs in the northeast. The planning constraints originally approved for this major development in the national park remain in place, meaning that environmental mitigation measures will continue to be implemented.