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The Namibian Competition Commission has approved the possible acquisition of control of Extract Resources Limited (ASX:EXT) (TSX:EXT) (NSX:EXT) by Taurus Minerals Limited.
Taurus has been given the green light by ASIC to acquire an interest of more than 20 per cent of Extract’s shares provided that Taurus makes a downstream offer.
Extract says its independent directors are still reviewing opportunities to maximise shareholder value and intend to make a recommendation if and when an offer is made.
Extract Resources reported a net loss of $55 million in the 2011 financial year.
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