Allied Electronics Corp., a maker of pay-television set-top boxes, offered to buy the shares it doesn’t already own in Allied Technologies Ltd. to simplify the structure of the two companies and make savings.
The rand weakened to a four-year low against the dollar, extending its longest losing streak in a year on concern that renewed labor unrest and falling commodity prices will weigh on South Africa’s economy.
Lonmin Plc, the third-largest platinum producer, said its largest mine is back to normal after employees returned from a two-day wildcat strike as the biggest on-site union awaits a decision on official recognition.
South Africa’s rand weakened for a sixth day, set for its longest losing streak in a year, on concern that falling commodity prices and labor unrest at mines are threatening the nation’s credit rating.
Rand Refinery (Pty) Ltd., the world’s biggest gold processor, said it intends to sell bullion bars in the U.S. market as part of a plan to expand processing metals mined outside South Africa and boost silver operations.
The union representing the most workers at Lonmin Plc, the world’s third-largest platinum producer, asked employees to report for duty after a wildcat two-day strike halted operations at its biggest mine.
Lonmin Plc, the world’s third-largest platinum producer, said operations at its Marikana mine in South Africa have been halted after workers refused to go underground following a union official’s death.