08/01/2009 - 09:38

Fusion directors accept Paladin offer

08/01/2009 - 09:38

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The directors of WA listed company Fusion Resources have accepted Paladin Energy's takeover offer, with the uranium miner boosting its interest in the minnow to over 28 per cent.

Fusion directors accept Paladin offer

The directors of WA listed company Fusion Resources have accepted Paladin Energy's takeover offer, with the uranium miner boosting its interest in the minnow to over 28 per cent.

Last month Paladin unveiled its takeover offer, six of its shares for each Fusion shares, which was unanimously recommended by the target's directors.

Today the directors said they have accepted the offer, which boosted Paladin's stake from 17.67 per cent yesterday to 28.59 per cent today.

Shares in Fusion were down four cents to 46c at 11:40 AEDT, giving the company a market capitalisation of $22.4 million.

The acquisition of Fusion will consolidate Paladin's holding in Queensland, where it has a majority interest in several uranium exploration tenements in the Mt Isa region.

Fusion's uranium assets are located close to the Valhalla and Skal uranium projects which are owned by the Isa Uranium Joint Venture where Paladin has a 90.95 per cent interest in.

Shares in Paladin were down 22c to $3.01 and has a market capitalisation of $1.85 billion.

 

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