Australia’s Paladin Energy (ASX: PDN) has hit a roadblock in its proposed acquisition of Canada’s Fission Uranium (TSX: FCU) after a Chinese investor in the takeover target opposed the tie-up.
The Western Australia-based miner revealed on Monday that CGN Mining Company, a subsidiary of China General Nuclear Power with a 11.26% stake in Fission, is opposing the tie-up. Paladin moved in June to buy the Canadian miner for C$1.14 billion ($845 million), contingent on at least two-thirds of Fission shareholders voting in favour of the transaction by Aug. 26.
The bid came amid the global shift towards nuclear energy that took off a year ago, when a supply crisis unfolded and utilities sought to secure long-term contracts, driving the spot price to a 16-year high in January.
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