Canadian Supreme Court approves Uranium One takeover by Russian uranium producer
MOSCOW, March 28 - RAPSI. The consolidation of a 100% stake in Uranium One Inc by Russia's ARMZ Uranium Holding has been approved by the Canadian Supreme Court, as well as by regulators in Russia, the United States and Australia, ARMZ said on Thursday.
The company's shareholders supported the deal at an extraordinary meeting on March 7. The holders of 95.75% of the common shares, including ARMZ, and the call holders approved the plan. With the exception of ARMZ and affiliated entities' shares, 86% of the voting minority shareholders present at the meeting voted for the deal.
According to the agreement signed in January, ARMZ buys all the common shares in Uranium One Inc which are not yet owned by ARMZ or its affiliates at 2.86 Canadian dollars per share. Overall, the minority shareholders will receive 1.3 million Canadian dollars for their stock.
ARMZ Uranium Holding is one of the top three uranium mining companies and the second largest in terms of mineral reserves. It is the ore mining division of the Rosatom state nuclear corporation and in 2011 it produced 7.091 million metric tons of uranium from its operations in Russia and abroad.
Uranium One is one of the largest public uranium companies and has a diverse portfolio of projects in Kazakhstan, the US, Australia and Tanzania.