Rio Tinto Limited’s (ASX:RIO, NYSE:RIO, LSE:RIO) has moved closer to its planned $C654 million, or AUD$638 million, acquisition of Canadian uranium explorer Hathor Exploration Limited (TSX:HAT).
Rival bidder, Canadian uranium producer Cameco Corporation (NYSE:CCJ), has now abandoned its hostile bid of $C4.50 per share. Rio has offered $C4.70 for every Hathor share.
Cameco says after consideration it cannot justify increasing the price beyond the current offer and so will let the offer lapse.
Rio received approval from the Canadian Competition Bureau last week to progress with its bid for Hathor.
In the first half of fiscal 2011 Rio Tinto generated a net profit of $7.5 billion.
