French nuclear energy group Areva on Friday launched an agreed takeover for UraMin, valuing the London-listed Canadian uranium miner at more than 2.5 billion dollars (1.9 billion euros).
“Areva and UraMin Inc. today entered into an agreement in respect of Areva’s friendly cash offer for 100 percent of the share capital of UraMin,” the pair said in a statement to the London Stock Exchange.
The cash offer was pitched at 7.75 dollars per UraMin share, while Areva already owns 5.5 percent of the company, according to the statement.
UraMin, based in British Virgin Islands and listed in London and Toronto, is an emerging African uranium producer with mineral rights in Namibia, South Africa, Mozambique, Botswana, Chad and the Central African Republic.
The statement continued: “The UraMin board of directors, after consulting with its financial advisors, has determined that the offer is fair and in the best interest of the UraMin shareholders and it has resolved to recommend acceptance of the offer.”
Information from: AFP via YAhoo News