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Summit accepts Paladin bid

PERTH-BASED Summit Resources Ltd has accepted a revised $1.23 billion takeover offer from uranium miner Paladin Resources Ltd, after initially rejecting a $1 billion hostile bid by the company in February. The increased bid came after Summit announced last week that it had formed a strategic alliance with French nuclear giant Areva. Acceptance of the deal will bring the value of Paladin to around $6.44 billion.

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