London - China Guangdong Nuclear Power Group Co withdrew its 712 million-pound ($1.16 billion) takeover offer for uranium mining company Kalahari Minerals Plc after the UK Takeover Panel barred it from reducing the bid.

Guangdong Nuclear may make another offer if another company makes a bid for London-based Kalahari, or if Kalahari reduces its stake in Australia's Extract Resources Ltd, the Shenzhen, Guangdong province-based company said in a statement on Tuesday.

Kalahari agreed to Guangdong Nuclear's bid in March. Both companies approached the panel with a proposed cut in the offer price to 270 pence a share from 290 pence after the value of Kalahari's 43 percent stake in Extract dropped following the nuclear crisis in Japan.