- Write by:
-
Thursday, October 12, 2023 - 19:21:23
-
117 Visit
-
Print
Mining News Pro - Australia’s Liontown Resources on Thursday said it would extend an exclusive due diligence period by a week for its proposed A$6.6 billion ($4.23 billion) buyout by US-based Albemarle, even as an Australian billionaire muscles in.
Liontown had earlier granted the world’s biggest lithium chemical maker a four-week period to examine its books and enable Albemarle to put forward a binding offer. Albemarle’s due diligence is substantially complete and it requires a short extension, Liontown said.
The extension comes as Hancock Prospecting, a firm controlled by Australia’s richest person Gina Rinehart, on Wednesday increased its stake in Liontown to 19.9%, which could hamper the US mining giant’s takeover attempt.
Albemarle needs 75% support from Liontown investors in a shareholder vote to succeed with its bid. A stake of between 15% and 20% can often become a blocking stake depending on investor turnout on the day of the ballot.
Liontown had backed the A$3 per share buyout offer from Albemarle.
Hancock Prospecting, which operates iron ore mines in Western Australia, has questioned Liontown’s prospects of developing its flagship Kathleen Valley lithium project on time and within budget, and has said it would be happy to assist.
Short Link:
https://www.miningnews.ir/En/News/627507
Australian miner Lynas posted a slump in third-quarter sales revenue on Wednesday, missing analyst expectations on the ...
Chile’s state copper company Codelco defended its proposed lithium production tie-up with SQM in response to criticism ...
Australia’s Fortescue on Wednesday logged a larger-than-expected decline in third-quarter iron ore shipments, following ...
Chile’s state-run miner Codelco plans to select a partner for a future lithium project in one of the country’s top salt ...
A Native American group has asked all members of a US appeals court on Monday to overturn an earlier ruling that granted ...
The London Metal Exchange (LME) on Saturday banned from its system Russian metal produced on or after April 13 to comply ...
Chile’s SQM called another investors meeting at the request of its second-largest shareholder, Tianqi Lithium Corp., ...
The world’s coal-fired power capacity grew 2% last year, its highest annual increase since 2016, driven by new builds in ...
Peabody Energy Corp. shares sunk to the lowest in seven months after the biggest US coal miner warned that first-quarter ...
No comments have been posted yet ...