CGNPC Says Kalahari Minerals Offer Declared Unconditional
03 Febbraio 2012 - 10:12AM
Dow Jones News
China Guangdong Nuclear Power Corp. has made its offer for
London-listed Kalahari Minerals PLC (KAH.LN) wholly unconditional,
marking another step in its quest to secure more uranium for
China's growing fleet of nuclear power stations.
CGNPC, through its Taurus bid vehicle, has secured acceptances
representing 89.5% of the Kalahari's total share capital as of 1300
GMT, Thursday, placing the company in a position to make its GBP632
million (US$999 million) for Kalahari Minerals unconditional.
Kalahari Minerals main asset is a nearly 43% interest in
Australia's Extract Resources Ltd. (EXT.AU), which owns the Husab
uranium project in Namibia, a massive deposit that promised to
become one the world's largest uranium mines.
Trading in Australia's Extract Resources was halted Friday while
the company awaits a likely bid from CGNPC that would value it at
almost A$2.2 billion (US$2.4 billion).
The Chinese companies have said they would abide by Australian
takeover rules, which require the bid to be extended to Extract
Resource's shareholders within four weeks of them securing more
than 50% of parent Kalahari.
-By Alex MacDonald and Robb M. Stewart, Dow Jones Newswires; +44
(0)20 7842 9328; alex.macdonald@dowjones.com
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