Paladin’s takeover of Fission yet to win shareholders’ support
Paladin Energy’s takeover of fellow uranium producer Fission Uranium is in doubt, as it has so far fallen short of winning enough support from shareholders to seal the deal.
In July, Paladin agreed to buy the Canadian company for C$1.14-billion, contingent on at least two thirds of Fission shareholders voting in support of the transaction by Aug. 26. Paladin on Thursday said it had failed to reach that mark, with nearly half of eligible shareholders yet to submit their proxies. A special general meeting has been postponed to September 9.
“The majority of the votes received to date are in favor but are not sufficient to approve the transaction,” Paladin said in its earnings statement Thursday, citing information from Fission. “The postponement of the meeting is intended to provide additional time for all security-holders to have the opportunity to make their voices heard.”
The takeover by Perth-based Paladin was designed to help it become a global uranium leader, with assets stretching across three continents. Its announcement in July came amid a recovery in yellow cake prices as countries around the world turned to nuclear energy to meet their emissions reduction targets.
The delay also threatens an agreement which would mark the first time since 2022 that a large foreign mining company listed its shares on the Toronto Stock Exchange. Canada’s bourse has ensured a year-long dry spell in new corporate listings.
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