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Takeover War for Millennial Lithium Ends as China Suitor Outbid

  • Lithium Americas agrees to buy Millennial in $400 million deal
  • Agreement ends bidding battle that lasted four months

A bidding war for Millennial Lithium Corp. has ended with a fellow Canadian miner beating a Chinese suitor in the race to scoop up assets of a battery metal that’s crucial for powering electric vehicles.

Lithium Americas Corp. agreed to buy its Vancouver-based counterpart in a $400 million deal that topped an earlier offer from Contemporary Amperex Technology Co. Ltd., the world’s largest EV battery maker. Lithium Americas agreed to pay C$4.70 for each Millennial share, payable in stock and C$0.001 in cash, the company said in a Wednesday statement. The offer is 0.4% lower than Millennial’s closing price Tuesday on the Toronto Stock Exchange, though is 47% higher than the average price of the year before attracting a takeover offer in July.