A Chinese state-owned power company has set its sights on two uranium companies, making a £632m offer for London-listed Kalahari Minerals that if completed would trigger an offer for Australia-listed Extract Resources.China Guangdong Nuclear Power has bid 243.55p for Kalahari, an investor in a Namibian uranium project, representing a 16 per cent premium to the Aim-quoted group’s share price over the past six months.
Kalahari’s board recommended the latest offer from the Chinese group, which is trying to secure supplies of nuclear fuel as the country embarks on the world’s biggest reactor-building programme.Earlier this year, CGNPC tried to buy Kalahari but its 290p offer was disrupted by falling uranium markets after the nuclear disaster at Fukushima in Japan as well as an adverse ruling from the UK’s takeover panel.
Kalahari is an investment company whose sole asset is a 43 per cent stake in Extract, which is developing the Husab uranium project in Namibia.Australian securities laws require bidders to extend their offer to all shareholders if they buy a stake of 20 per cent or more in an Australian company.
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