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from http://www.smh.com.au/business/extract-shares-fuelled-by-chinese-bid-talk-20111010-1lgl5.html
Extract shares fuelled by Chinese bid talk October 10, 2011 - 11:02AM
Shares in Extract Resources surged over 10 per cent this morning on expectations it may get a takeover offer from a Chinese company that is lining up a $US1 billion bid for Extract's biggest shareholder, Kalahari Minerals.
Extract, which is developing the Husab uranium project in Namibia, potentially the second-largest uranium mine in the world, halted trading in its shares pending an announcement by October 12.
State-owned China Guangdong Nuclear Power Corp (CGNPC) is expected to relaunch a 270 pence a share offer for Kalahari, following the end of a three-month block imposed by UK regulators, a source told Reuters.
Advertisement: Story continues below Kalahari's main asset is its 43 per cent stake in Extract. Under Australian rules, CGNPC could be forced to make a bid for Extract because the Kalahari deal could lift its stake in Extract over 20 per cent, the threshold for making a full takeover offer in Australia.
CGNPC would need an exemption from the Australian Securities and Investments Commission (ASIC) to avoid making a bid for Extract.
"It is hard to see they will get any exemption from ASIC on this," a source familiar with the deal told Reuters, although the source would not confirm whether a decision to apply for an exemption had been made or not yet.
The person said Kalahari was expected to provide more clarity on the situation when the market opened in London later today.
Extract shares jumped to a high of $8.88 and last traded up 10 per cent at $8.86, valuing the company at $2.22 billion.
Extract's spokesman in Australia declined to comment on the prospect of a takeover offer from CGNPC, saying that so far there was no bid on the table for Extract's parent, Kalahari.
Extract's other key shareholders are global miner Rio Tinto with a 14 per cent stake and Japan's Itochu Corp with 10 per cent.
Reuters
Read more: http://www.smh.com.au/business/extract-shares-fuelled-by-chinese-bid-talk-20111010-1lgl5.html#ixzz1aKkiLk7j
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