Australian lithium miner Liontown Resources is willing to back a new A$6.6bn ($4.3bn) takeover offer from Albemarle Corp, the world's top producer of lithium.
Australian lithium miner Liontown Resources Ltd. said it is willing to back a new A$6.6 billion ($4.3 billion) takeover offer from Albemarle Corp., the world’s top producer of the battery metal.
The US-based producer boosted its per-share cash offer to A$3, Liontown said Monday, up from A$2.50 per share in March. The Western Australia-based target said it was willing to recommend the latest bid — a 15% premium to Friday’s close — and granted the firm due diligence.
Such a deal would cement the stunning rise of the Australian lithium sector, where newly founded and previously little-known companies have soared more than tenfold. It reflects surging demand for the metal from carmakers amid a transition away from fossil fuels.
The offer comes after a slump in lithium prices from last year’s record and a corresponding drop in share prices of lithium producers. Albemarle, which already owns stakes in lithium mines in Australia and has a processing plant, had offered to acquire all of Liontown’s equity at A$2.50 a share, its third bid in five months, the Perth-based company said in March.
Liontown had previously rebuffed Albemarle’s approach on the basis of forecasts for fivefold growth in global lithium demand by 2030 and a predicted supply deficit.
The company owns one of the most promising early-stage lithium projects in Australia, the world’s top exporter of the battery metal, and has supply agreements with major automakers including Tesla Inc. and Ford Motor Co.
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September 04, 2023 at 12:09PM
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Liontown Resources backs $4.3bn takeover offer from Albemarle Corp - Hindustan Times
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