Australian uranium mining firm Extract Resources (EXT.ASX) said that a proposed takeover by China Guangdong Nuclear Power Corp (CGNPC) for its largest shareholder, Kalahari Minerals (KAH.LSE), must be extended to other shareholders, the Wall Street Journal reported. Kalahari owns a 43% stake in Extract, which in turn holds a Namibian field that is one of the world's largest undeveloped uranium deposits. CGNPC is looking to make an offer for Kalahari, valuing Extract at US$1.22 billion, and thereby acquire more than 20% of Extract - a threshold at which permission from the Australian Securities and Investments Commission is usually required. Extract said in a statement that it would ask Australia's regulators to require CGNPC to extend the takeover to all shareholders. Otherwise, it would request that CGNPC not be exempt from requirements that it launch a secondary bid for Extract.
Source：www.chinaeconomicreview.com