Rio Tinto Gets Canadian Competition Clearance For Hathor Bid
November 22 2011 - 08:29PM
Dow Jones News
Rio Tinto PLC (RIO) said Wednesday it has received clearance
from the Canadian Competition Bureau for its 654 million Canadian
dollar (US$629 million) bid for Hathor Exploration Ltd. (HAT.T), a
junior exploration company with uranium assets in northern
Saskatchewan.
The Commissioner of Competition issued a "no action letter,"
which signals compliance with all requirements of the Competition
Act, for the C$4.70 a share offer, the Anglo-Australian mining
giant said in a statement.
Rio last week sweetened its bid, pitching it at a premium to a
hostile C$4.50 a share bid from Cameco Corp. (CCJ), the world's
largest producer of uranium. Hathor's board supports Rio's offer,
which is set to close Nov. 30.
Hathor's shares have been trading above the price offered by
Rio, which analysts have said supports the view Cameco will counter
with a higher bid, and were last trading at C$5.03.
-By Robb M. Stewart, Dow Jones Newswires; +61 3 9292 2094;
robb.stewart@dowjones.com
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