Chinese state-owned nuclear power producer could be forced to make a bid for Australia's Extract Resources worth $2.7 billion as part of a bid for Kalahari Minerals , as China looks to secure uranium from Africa.
A unit of China Guangdong Nuclear Power Holding Corp (CGNPC) is lining up a $1.23 billion offer for Kalahari, Extract's top shareholder with a 43 percent stake.
The move on Kalahari sent Extract's shares to an 18-month high on Wednesday on bets that the company had been put into play, pitting the Chinese against Extract and Kalahari's 14 percent shareholder, global miner Rio Tinto .
"Rio could block a bid or turn around and bid themselves. This is going to be interesting," said Ric Ronge, a portfolio manager at Pengana Capital, which does not own shares in Extract.
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