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ARMZ Seeks Rest of Uranium One for $1.3 Billion; Won’t Raise Bid

Bloomberg - Jan 14, 2013

JSC Atomredmetzoloto, a Russian state-owned uranium miner, said it plans to buy the shares it doesn’t own in Uranium One Inc. (UUU) for C$1.3 billion ($1.32 billion) and take the company private.

Atomredmetzoloto, which together with units owns 51.4 percent of Uranium One, and its Effective Energy NV affiliate offered C$2.86 a share, the Vancouver-based target said in a statement today. The offer from the Moscow-based company, known as ARMZ, is a 32 percent premium to Uranium One’s 20-day weighted average price in Toronto, it said. It won’t be increased, ARMZ Chairman Vadim Zhivov said.

ARMZ aims to build a company covering the full nuclear cycle, from mining uranium to building reactors, said Leila Kulbayeva, mining and industrials research director at Visor Capital in Almaty, Kazakhstan. ARMZ may be seeking to gain from reduced uranium prices following the Fukushima nuclear disaster in Japan, and its offer for Uranium One is low, she said.

Read Full Article from Bloomberg

- Posted: 2013-01-14 18:16:26


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