Chengdu Tianqi Industry Group Co., a closely held Chinese maker of battery chemicals, said the Australian government cleared its proposed C$806 million ($808 million) takeover of Talison Lithium Ltd.
Chengdu Tianqi was advised by Australia’s Foreign Investment Review Board that it had no objections, the Chengdu, Sichuan Province-based company said today in a statement. The company said it can now proceed with a purchase of 5.73 million Talison shares to bring its stake to 20 percent.
Chengdu Tianqi made its unsolicited C$7.15-a-share bid for Perth, Australia-based Talison on Nov. 19, trumping an agreed C$6.50-a-share offer from Rockwood Holdings Inc. (ROC) that was announced in August. The bidders are vying for one of the four companies that control most of the world’s production of lithium, a metal used in batteries for electric cars and laptop computers.
Talison said today that it postponed Nov. 29 meetings for investors to vote on the offer from Princeton, New Jersey-based Rockwood until Dec. 13. Talison said separately that it’s still in talks with Chengdu Tianqi.
Talison rose 2.5 percent to C$6.95 at 9:57 a.m. in Toronto.
Chengdu Tianqi said Nov. 19 it has Chinese government approvals for the deal. Rockwood said Nov. 21 its own bid is the company’s best and final offer.
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