Hyperdrive
Billionaire Rinehart Muscles Into Another Lithium Takeover
- Azure’s board has backed takeover bid from Chile’s SQM
- Rinehart earlier scuttled Albemarle takeover of Liontown
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Australia’s richest woman may be set to scupper a second lithium takeover in a matter of weeks, building a major stake in Azure Minerals Ltd. immediately after the miner backed a A$1.6 billion ($1 billion) bid from Chilean giant SQM.
Gina Rinehart’s Hancock Prospecting Pty Ltd. said on Friday it now held 18% of Azure, just short of the 20% level that would require a mandatory takeover offer, but enough to challenge the current bid. Under the terms of its main offer structure, SQM can pull out if a single shareholder acquires more than 19% of the Perth-based miner — a major hiccup, even if other deal options remain.