Kalahari bid suffers setback

AIM-listed uranium miner Kalahari Minerals has given Chinese suitor CGNPC-URC more time to prepare its takeover offer after the original deadline passed yesterday. CGNPC-URC wants to lower its indicative bid from 290p to 270p per share after the Japanese nuclear crisis threw the uranium industry into doubt. But the Takeover Panel says the bid cannot be cut without warning. Both firms plan to appeal before the new bid deadline of 17 June.