Paladin reaches 90% of Fusion Resources

Less than two months after proposing the takeover offer, Paladin Energy has passed the 90 per cent minimum acceptance level in its bid for Fusion Resources.

Today, Paladin notified that market that it had acquired a 90.98 per cent stake in Fusion, prompting the uranium miner to declare that a condition of its takeover bid had been fulfilled.

Paladin proposed the offer on December 2, offering one of its shares for every six Paladin shares.

Earlier this month, Fusion directors announced they would accept the offer with their own shareholding.

Fusion holds several uranium tenements near deposits owned by the Isa Uranium Joint Venture, where Paladin holds a 90.95 per cent interest.

Shares in Paladin closed up 13 cents to $3.09 while shares in Fusion climbed 1.5c to 50c.