Paladin wraps up Fusion acquisition

Uranium miner Paladin Energy will move to compulsorily acquire the remaining shares it does not own in Fusion Resources, after its takeover offer for the minnow closed yesterday.

At the close of the offer period at 5pm yesterday, Paladin had acquired 97.2 per cent of Fusion shares.

Paladin, which launched its bid in December, was offering one of its shares for every six Fusion shares.

Fusion directors have already accepted the offer.

The acquisition will expand Paladin's land holding in Queensland, where Fusion held the Valhalla North uranium project, located some 45 kilometres from the Valhalla and Skal uranium projects.

Those projects are owned by the Isa Uranium joint venture of which Paladin holds a 90.95 per cent interest.

Shares in Fusion were up four cents to 57c while shares in Paladin were down two cents to $3.21 at 11:34 AEDT.