Aveva Buys Stake of More Than 10 Percent in Australian Uranium Miner Summit Resources
Areva SA, a French maker of nuclear power stations, bought a stake of more than 10 percent in Australian uranium miner Summit Resources for an undisclosed sum.
“Areva has stated it has no current intention of making a full takeover offer for Summit,” the Australian company said in a statement.
Perth-based Summit, which has been the subject of a takeover approach by Paladin Resources Ltd., recommended on Thursday that its shareholders accept the Paladin offer.
Paladin offered one of its shares for every 1.67 shares of Summit, an offer valued at 1.18 billion Australian dollars ($981 million).
Summit shares rose 6.3 percent to 5.95 Australian dollars ($4.95) in Sydney.
Information from: AP via biz.yahoo.com