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Chinese investor blocks Paladin Energy takeover of Fission Uranium (OTCQX:FCUUF)

By Carl Surran

Chinese investor blocks Paladin Energy takeover of Fission Uranium (OTCQX:FCUUF)

Paladin Energy (OTCQX:PALAF) said Sunday its planned C$1.14B takeover of Fission Uranium (OTCQX:FCUUF) has hit a potential roadblock, as CGN Mining, a subsidiary of China General Nuclear Power Corp. and 11.26% shareholder in Fission, is opposing the deal, without offering a reason for the opposition.

Fission (OTCQX:FCUUF) shareholders voted in favor of the merger deal at the company's special meeting held last week.

The deal also is before the Supreme Court of British Columbia, which is set to issue a final ruling on the acquisition; court proceedings began September 13 and are scheduled to resume September 26.

The companies announced their planned merger nearly three months ago, with Paladin (OTCQX:PALAF) pointing to Fission's (OTCQX:FCUUF) Patterson Lake South project in Saskatchewan as a natural fit for the company that would augment production from the recently restarted Langer Heinrich mine in Namibia.

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