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News: Chinese back away from Extract offer

  1. FNN News
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    13/05/11
    09:11
    Post #: 8394688
    .

    Extract Resources Ltd (ASX:EXT) says a proposed takeover offer by a Chinese uranium company has been withdrawn.



    CGNPC Uranium Resources backed out after the UK takeover panel didn’t allow the Chinese company to reduce its possible offer for London listed Kalahari Minerals.



    The deal could have led to the company acquiring Kalahari’s 42.79 per cent stake in Extract Resources or launching a full takeover offer.



    In the six months to the 31 December 2010, Extract Resources recorded a net loss of $33.6 million.
    EXT Price at posting: $7.49 Sentiment: None Disclosure: Held
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