All articles tagged with #liontown resources
Albemarle's plan to become the world's leading lithium producer through a $4.16 billion takeover of Liontown Resources has been thwarted by Australia's richest person, whose intentions remain undisclosed.
Albemarle, a U.S.-based miner, has abandoned its $4.2 billion buyout bid for Australian lithium developer Liontown Resources. Albemarle withdrew its proposal due to "growing complexities" after Hancock Prospecting, controlled by Australia's richest person, raised its stake in Liontown to 19.9%. Liontown has entered a trading halt to raise funding for its Kathleen Valley lithium project, which is expected to start producing lithium next year. The project is considered one of the world's top five lithium projects, and Liontown has already secured deals with Ford, Tesla, and LG Energy. Albemarle's withdrawal does not rule out potential future collaboration or supply agreements.
Liontown Resources, an Australian lithium developer, has backed a refreshed A$6.6 billion ($4.26 billion) bid from Albemarle Corp, the world's largest lithium producer. The new cash offer price of A$3 per share represents a premium of 14.5% to Liontown's last closing price and is 20% higher than Albemarle's previous offer. Liontown's board intends to unanimously recommend shareholders vote in favor of the new takeover proposal. The surge in buyouts of Australian lithium companies is driven by their lower valuations and the increasing demand for lithium in electric vehicle batteries.