On December 8, 2011, Kalahari Minerals PLC, an Australian uranium mining company listed on the London Stock Exchange, announced that it had approved an offer by Chinese State-owned enterprise China Guangdong Nuclear Power Group to acquire its shares for £632 million ($991 million) cash. Once the transaction succeeds, China Guangdong Nuclear Power Group will acquire Perth, Western Australia based Extract Resources Ltd. for $2.2 billion.
Kalahari Minerals is the largest shareholder of Extract Resources, in which it owns a 42.79% stake. Extract Resources owns 100% of the Husab mineral resources project in Namibia, and in August increased Husab' s reserve estimate by 37% to 320 million tons, making it the world' s fourth largest uranium mine. According to Bloomberg data, if China Guangdong Nuclear Power Group successfully acquires Extract Resources, it will be the second largest foreign acquisition by a Chinese company in history.
King & Wood served as the sole PRClegal adviser to China Guangdong Nuclear Power Group. This project was led by Huang Jianwen, a partner in King & Wood' s Beijing Office.