Chinese SOE sets sights on Kalahari Minerals
March 17, 2011 | BY
Candice MakCGNPC Uranium Resources (CGNPC), a PRC-based state-owned energy group, has made a potential cash offer to the entire issued and to be-issued share capital…
CGNPC Uranium Resources (CGNPC), a PRC-based state-owned energy group, has made a potential cash offer to the entire issued and to be-issued share capital of Kalahari Minerals (Kalahari). The target is an Aim- and NSX-listed mining company with metal interests in Namibia. The acquirer is a nuclear power producer.
The potential offer is valued at nearly US$1.23 billion. A formal offer will be made if certain pre-conditions are satisfied. These principally relate to the receipt of normal PRC governmental approvals for outbound investments.
An Ashurst team, led by Hong Kong-based Robert Ogilvy Watson, is representing CGNPC on financing and US law aspects. Guantao Law Firm is advising CGNPC on PRC law aspects, while Minter Ellison is acting for the energy group on Australian law aspects.
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