Areva is Summit's white knight

FRENCH nuclear group Areva has agreed to buy up to an 18% stake in takeover target Summit Resources for a total investment of $A292.6 million as the latter company’s managing director Alan Eggers gave the assurance that it would not be the start of a friendly takeover, and saying that perhaps Paladin Resources’ takeover bid was the trigger for other companies to approach Summit.

In a phone conference this afternoon, Eggers said Summit is delighted to be partnering with the world leaders in nuclear power, which has agreed to first subscribe for a 9% stake in Summit at a price