Impala Platinum (Implats) has been unsuccessful in its bid to gain total control of Zimplats, having gained only 19.37 per cent extra shares to its shareholding.

Its offer to Zimplats minorities closed today, leaving the South African firm - the world's second biggest platinum producer - with a total stake of 69.9 per cent.

Barbican Holdings' aggressive and controversial offer to Zimplats minorities appears to have been the major cause of Implats' failure to secure more shares.

The South African giant was dismissive of the Zimbabwean finance company's offer, though:

'We are not convinced it is a robust offer', said Implats chief executive Keith Rumble, an allegation that prompted Barbican's response that it was improper for its rival to comment on the nature of its bid.

The Zimplats board had expressed scepticism regarding Barbican's overtures, advising investors that the 'proposed Barbican offer should not be a factor in shareholders rejecting the Implats offer.'

Miithuli Ncube, the head of Barbican Holdings, said 'we are going ahead with our offer. We are tying up some loose ends on the prospectus.'

Even so, Barbican can hope to receive a maximum of 15.1 per cent of Zimplats shares, as a minimum of 15 per cent have to be sold to Zimbabweans.

An Implats spokesman said the company had not given up totally on the idea of buying all available Zimplats shares and then de-listing it from the Australian Stock Exchange.