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☆ Tycoon’s lithium grab leaves investors hanging
▼ + stars: | 2023-10-16 | by ( Antony Currie | ) www.reuters.com time to read: +4 min

Australia’s richest person has stifled Albemarle’s (ALB.N) A$6.6 billion ($4.2 billion) pursuit of lithium producer Liontown Resources (LTR.AX) with deft use of the country’s takeover rules. At A$3 a share, the offer represented a near-100% premium to Liontown’s undisturbed price. And because she never paid more than the A$3 a share Albemarle put on the table, her share purchases did not count as a superior offer. CONTEXT NEWSU.S.-based lithium producer Albemarle on Oct. 16 said it has abandoned its A$6.6 billion ($4.2 billion) offer for smaller Australian rival Liontown Resources, citing “growing complexities associated with the proposed transaction” as a reason. The firm said that in building its stake it never paid more than A$3 per share, the same price as Albemarle’s takeover offer.

Persons: Gina Rinehart, Kent Masters, Rinehart, Albemarle, Masters, Liontown, Kathleen, It’s, Hancock, Lisa Jucca, Katrina Hamlin, Thomas Shum Organizations: MELBOURNE, Reuters, Liontown, Kent, Liontown Resources, Thomson Locations: Western Australia, Hancock, Liontown

☆ Albemarle pushed into corner, dumps $4.2 billion lithium play for Liontown
▼ + stars: | 2023-10-15 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Ernest Scheyder/File Photo Acquire Licensing RightsMELBOURNE, Oct 16 (Reuters) - U.S.-based miner Albemarle (ALB.N) said it had dumped a A$6.6 billion ($4.16 billion) buyout bid for Australian lithium developer Liontown Resources (LTR.AX), in part because of "growing complexities" around the transaction. Liontown went into trading halt just after making the announcement to the market, pending a finalisation of funding for its flagship Kathleen Valley lithium project in Western Australia, which is due to start producing lithium next year. Liontown had last week granted the world's biggest lithium chemical maker an extra week to examine its books and allow Albemarle to put forward a binding offer. "Our engagement with the Liontown team has been meaningful and productive. Hancock has not yet approached Liontown which until now has been under an exclusivity deal with Albemarle, the source added.

Persons: Ernest Scheyder, Albemarle, Hancock, Gina Rinehart, Liontown, Kathleen Valley, Kent Masters, Melanie Burton, Scott Murdoch, Rishav Chatterjee, Lisa Shumaker, Sandra Maler, Jamie Freed Organizations: REUTERS, Rights, Liontown Resources, Ford Motor, LG Energy, Thomson Locations: Silver, , Nevada, U.S, Albemarle, Western Australia, Melbourne, Sydney, Bengaluru

☆ Australia's Hancock Inches Towards Blocking Stake in Liontown Amid Albemarle Bid
▼ + stars: | 2023-10-01 | by ( Oct. | At P.M. | ) www.usnews.com time to read: +1 min

(Reuters) - Australian billionaire Gina Rinehart's Hancock Prospecting increased its stake in lithium miner Liontown Resources, the company said, moving it closer to being able to block a $4.3 billion bid by U.S.-based Albemarle for Liontown. Hancock said on Friday it raised its stake from 10.7% last month to 12.4%, paying no more than A$3.00 per additional share. Hancock would be able to block the Albemarle deal with a 15% position. Last month, Liontown accepted Albemarle's revised $4.3 billion bid, or A$3 a share. The offer is part of a surge of interest in Australian lithium assets amid the clean energy transition.

Persons: Gina Rinehart's Hancock, Hancock, Liontown, Rinehart, Echha Jain, Melanie Burton, Cynthia Osterman Organizations: Reuters, U.S, Patriot, Metals Locations: Resources, Albemarle, Liontown, Bengaluru

A sign at the approach road leads to Albemarle's lithium evaporation ponds at its facility in Silver Peak, Nevada, U.S., January 9, 2019. REUTERS/Ernest Scheyder/File Photo Acquire Licensing RightsSept 4 (Reuters) - Australia's Liontown Resources (LTR.AX) shares shot 11.5% higher after the lithium developer's board on Monday backed a refreshed A$6.6 billion ($4.26 billion) bid from Albemarle Corp (ALB.N), the world's biggest lithium producer. The news prompted Liontown shares to shoot up 11.5% to A$2.92, the highest since July 14. Liontown controls two major lithium deposits in Western Australia, including its flagship Kathleen Valley project slated for first production in mid-2024, which is among the world's largest and highest-grade hard rock lithium deposits. Albemarle's latest offer for Liontown was its fourth, having also proposed A$2.20 per share on Oct. 20 last year and A$2.35 per share earlier in March before its rejected A$2.50 a share offer was made public.

Persons: Ernest Scheyder, Liontown, Albemarle, Kathleen, Greenhill, Scott Murdoch, Poonam, Jamie Freed, Christopher Cushing Organizations: REUTERS, Albemarle Corp, Australia, Ford Motor, LG, Co, UBS, JPMorgan, Thomson Locations: Silver, , Nevada, U.S, Australian, Chile, Western Australia, South, Albemarle, Sydney

☆ Lithium developer Liontown backs Albemarle's sweetened $4.3 billion offer
▼ + stars: | 2023-09-04 | by ( ) www.reuters.com time to read: +2 min

A sign at the approach road leads to Albemarle's lithium evaporation ponds at its facility in Silver Peak, Nevada, U.S., January 9, 2019. REUTERS/Ernest Scheyder/File Photo Acquire Licensing RightsSept 4 (Reuters) - Australian lithium developer Liontown Resources (LTR.AX) said on Monday its board had recommended an improved takeover proposal from the world's biggest lithium producer Albemarle Corp (ALB.N) valuing the company at A$6.6 billion ($4.26 billion). Liontown said its board intended to unanimously recommend shareholders vote in favour of the new takeover proposal, adding that an independent expert concluded that it was in the best interests of shareholders. Albemarle's latest offer for Liontown was its fourth, having also proposed A$2.20 per share on Oct. 20 last year and A$2.35 per share earlier in March before its rejected A$2.50 a share offer was made public. Liontown said Greenhill & Co and UBS would act as financial advisers and Allens as its legal adviser in relation to the revised proposal.

Persons: Ernest Scheyder, Liontown, Kathleen, Greenhill, Poonam Behura, Kim Coghill, Christian Schmollinger, Jamie Freed Organizations: REUTERS, Liontown Resources, Albemarle Corp, Co, UBS, Thomson Locations: Silver, , Nevada, U.S, Albemarle, Australian, Western Australia

☆ Lithium miners’ $4.3 bln dance is a two-way hedge
▼ + stars: | 2023-09-04 | by ( ) www.reuters.com time to read: +2 min

Albemarle's Chile country manager Ignacio Mehech shows an illustration of brines purification process to obtain lithium carbonate at their lithium plant placed on the Atacama salt flat, Chile, May 4, 2023. REUTERS/Ivan Alvarado Acquire Licensing RightsMELBOURNE, Sept 4 (Reuters Breakingviews) - On the surface, offering a near-100% premium for an as yet unproductive lithium miner may seem over the top. Dig down a bit, though, and U.S.-based Albemarle’s (ALB.N)A$6.6 billion($4.3 billion) sweetened all-cash offer on Monday for Australian rival Liontown Resources (LTR.AX) has financial merit, as well as offering each side a handy hedge. A plan by Chile’s government to nationalise lithium resources adds more reason for the deal. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Ignacio Mehech, Ivan Alvarado, Albemarle, Kathleen, Antony Currie, Pernod Ricard, Una Galani, Thomas Shum Organizations: REUTERS, Rights, Reuters, Liontown Resources, Alpha, X, Thomson Locations: Chile, U.S, Western Australia, EBITDA, Albemarle

Liontown controls two major lithium deposits in Western Australia, including its flagship Kathleen Valley project slated for first production in mid-2024, which is among the world's largest and highest-grade hard rock lithium deposits. North Carolina-based Albemarle is the world's biggest lithium producer with major facilities in Chile, China and Western Australia where it holds stakes in two mines and is building a lithium hydroxide processing plant near Perth. Albemarle had offered A$2.50 per share after two previous offers, Liontown said in an exchange filing. Albemarle said its "compelling" bid offered a material premium to Liontown shareholders who would benefit from its chemical conversion abilities and existing links with Liontown's customers. Liontown also said RT Lithium Ltd, a subsidiary of Albemarle, had built a near 2.2% stake through on-market purchases.

☆ Factbox: Automakers accelerate drive to secure battery raw materials
▼ + stars: | 2022-10-10 | by ( ) www.reuters.com time to read: +7 min

read more08-Dec-2021 - Belgium's Umicore (UMI.BR) will supply cathode materials for Volkswagen's European battery cell factories under a joint venture. MERCEDES BENZ (MBGn.DE):23-Aug-2022 - Mercedes-Benz strikes cooperation agreement with Canada to secure access to lithium, nickel and cobalt. read more04-Oct-2021 - BHP Group (BHP.AX) will supply nickel sulphate from Western Australia to Toyota and Panasonic's joint venture. read moreFORD (F.N)22-July-2022 - Ioneer Ltd signs binding offtake agreement with Ford to supply lithium from Rhyolite Ridge in Nevada. read more22-Sept-2021 - Ford partners with startup Redwood Materials to form a "closed loop" or circular supply chain for electric vehicle batteries, from raw materials to recycling.

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