Street Talk

Berkeley is latest uranium junior to attract interest

A complex deal with Russian giant Severstal is linked to Berkeley’s efforts to fund its Salamanca uranium project in Spain.

Nabila Ahmed | Sarah ThompsonStreet Talk editor

Updated Nov 1, 2010 – 4.01pm, first published at 9.40am

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Berkeley Resources has become the next uranium junior to attract acquisition interest, in the form of Russian steel and mining giant Severstal.

In a complex deal announced on Monday, Berkeley has granted Severstal the right to buy about 16.3 million new Berkeley shares at $1.70 a share subject to Severstal announcing its intention to proceed with a bid for the company at $2 a share.

Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones. Email Sarah at sarah.thompson@afr.com