Areva thwarts PaladinÆs bid for Summit

The French nuclear group agrees to buy an 18% stake in AustraliaÆs Summit Resources, foiling a planned takeover by rival Paladin.

French uranium miner and marketer Areva has agreed to invest up to A$292.6 million $240 million in AustraliaÆs Summit Resources which manages and operates a large uranium mining project in Queensland.

The investment will be made in two instalments, with Areva initially buying a 9% stake at a price of A$6.20 per share for a cash injection of A$121.1 million. Within six months, Areva can increase this stake to 18% by subscribing to another lot of shares at A$7.20 each...

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