Guangdong Nuclear retracts Kalahari bid
Updated: 2011-05-12 11:16
By Simon Casey (China Daily)
London - China Guangdong Nuclear Power Group Co withdrew its 712 million-pound ($1.16 billion) takeover offer for uranium mining company Kalahari Minerals Plc after the UK Takeover Panel barred it from reducing the bid.
Guangdong Nuclear may make another offer if another company makes a bid for London-based Kalahari, or if Kalahari reduces its stake in Australia's Extract Resources Ltd, the Shenzhen, Guangdong province-based company said in a statement on Tuesday.
Shares of uranium explorers and producers tumbled after the March 11 earthquake and tsunami in Japan, amid concerns that the crisis at the Fukushima Daiichi nuclear power plant would prompt countries to delay plans to build more nuclear reactors.
Mantra Resources Ltd, an Australian uranium explorer with projects in Africa, agreed in March to a reduced takeover offer from Rosatom Corp, Russia's State-owned nuclear company.
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