Extract waits on CGNPC bid
KATE EMERY - The West Australian November 10, 2011
Months of speculation over a $2 billion-plus Chinese bid for Extract Resources could come to a head within days, with the uranium explorer placing its shares in a trading halt this morning ahead of an announcement by its 42.7 per cent shareholder, London-listed Kalahari Minerals.
China's CGNPC Uranium Resources is in talks with Kalahari about a friendly takeover and under UK Takeover Panel rules an update was expected by November 11.
Kalahari's major asset is its stake in Extract, owner of the Husab project in Namibia - one of the biggest undeveloped uranium deposits in the world.
Under Australian regulations, if CGNPC bids for Kalahari it will also be forced to bid for Extract on similar terms because it would breach the 19.9 per cent takeover threshold. However, the corporate regulator does have the right to grant exceptions.
See here
trading halt!, page-6
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