Deals
China Tightens Grip on Global Battery Metals With Chile Deal
- Tianqi agrees to buy $4.1 billion stake in lithium rival SQM
- Chilean agency is seeking antitrust review of the transaction
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China tightened its grip on the global supply chain for battery raw materials as Tianqi Lithium Corp. struck a deal to take a $4.1 billion stake in Chilean rival SQM, the second-largest lithium producer.
Chengdu-based Tianqi is seeking to almost triple production capacity through 2020, part of an aggressive expansion by Chinese companies to tie up sources of the metals and chemicals that are key to meet rising demand for rechargeable batteries and electric vehicles.