Giant Lithium Deal Collapses After Australian Billionaire Rinehart Steps In
- US company says takeover not in best interests at this time
- Deal collapses after billionaire Rinehart built blocking stake
Albemarle abandoned its A$6.6 billion ($4.2 billion) takeover of Liontown.
Source: Liontown Resources Ltd.
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Lithium giant Albemarle Corp. has walked away from its A$6.6 billion ($4.2 billion) takeover of Liontown Resources Ltd., after Australia’s richest woman built up a blocking minority and effectively scuppered one of the largest battery-metals deals to date.
Eager to add new supply, Albemarle had pursued its Perth-based target for months, eying its Kathleen Valley project — one of Australia’s most promising deposits. Liontown agreed to the US company’s “best and final” offer of A$3 a share in September — a near 100% premium to the price before Albemarle’s takeover interest was made public in March.