After an earlier deal fell apart in the wake of the Fukushima Daiichi crisis, Kalahari Minerals agreed Thursday to accept a smaller takeover offer from China Guangdong Nuclear Power Corp.
Australian regulations also require that CGNP buy all of Extract Resources, too, which is 43 percent owned by Kalahari. Extract owns the Husab uranium deposit in Namibia, which is one of the largest in the world.
The Chinese company offered £2.90 per share for the miner in March before the earthquake and tsunami that damaged reactors in Japan, after which the Chinese company withdrew the offer. Its successful bid offered £2.4355 per share in a deal totaling £632 million. If the deal goes through, the Australian government has ruled that CGNP must also pay 8.65 Australian dollars per share to acquire Extract.