Deals
Billionaire Paolo Rocca Has a Plan B for Lithium If Alpha Bid Fails
- Unit of Paolo Rocca’s group makes last offer for Alpha Lithium
- Tecpetrol will seek another opportunity if shareholders reject
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Billionaire Paolo Rocca’s steel and energy group will enter the lithium business one way or another — saying it’s lining up other options in case it fails with a $1 billion plan to develop a project in Argentina.
Tecpetrol Investments SL is giving shareholders in Alpha Lithium Corp. until Oct. 20 to accept a “best and final offer” that’s worth $210 million to $230 million, said Vice President of Energy Transition Jorge Dimopulos. If it manages to gain control of the Vancouver-based firm, Tecpetrol will plow ahead with an $800 million investment to build Alpha’s project in Salta province. If not, it will turn its attention to other lithium opportunities.