Paladin Energy's Proposed Acquisition of Fission Uranium Faces Opposition from CGN Mining; Shares Rise 3%

MT Newswires Live09-27 11:03

Paladin Energy's (ASX:PDN) proposed acquisition of Fission Uranium Corp. hit a bump when shareholder CGN Mining Company (HKG:1164) opposed the approval of the arrangement at the final hearing before the Supreme Court of British Columbia, according to a Friday filing with the Australian bourse.

CGN Mining, a subsidiary of China General Nuclear Power Corp., holds a disclosed interest of 11.26% of the outstanding common shares of Fission, the company said in the filing.

The court is expected to deliver its decision regarding the matter in the coming weeks.

Paladin Energy's shares were up 3% in recent trade.

Price (HKD): $11.75, Change: $+0.30, Percent Change: +2.62%

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