Fission Uranium (TSX: FCU) has inched closer to closing its sale to ASX-listed Paladin Energy. The company last night indicated it has received a final order from the Supreme Court of British Columbia approving the transaction.
While not typically a major hurdle in the M&A world, The approval is significant as it signifies the courts rejection of CGN Mining’s objection to the transaction. A subsidiary of China General Nuclear Power Corp, CGN Mining held an 11.26% interest in Fission and attempted to block the transaction through a formal objection in court, which delayed the receipt of court approval.
READ: Fission Uranium: China’s CGN Moves To Block Merger With Paladin Energy
During that period of delay however, Canada’s government decided that the transaction required approval from the Minister of Innovation, Science and Industry. The federal government has ordered a national security review under the Investment Canada Act, which Fission says it is currently working towards obtaining, however no timeline has been provided for the transaction to close as a result.
Fission Uranium last traded at $1.03 on the TSX.
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