Corporate activity in Western Australia's booming lithium space continues with Albemarle set to increase its takeover offer for Perth-based miner Liontown Resources.
abc.net.au/news/albemarle-takeover-offer-wa-lithium-miner-liontown-resources/102810666Corporate activity in Western Australia's booming lithium space is continuing with US chemicals giant Albemarle set to increase its takeover offer for Perth-based miner Liontown Resources to $6.6 billion.US chemicals giant Albemarle started making offers for WA miner Liontown Resources last year
In March, Liontown revealed it had rejected a $5.5 billion bid from Albemarle — the latest of three approaches in five months. "The transaction is consistent with Albemarle's long-term growth and stated mergers and acquisitions strategy, as well as its disciplined approach to capital allocation and risk-adjusted value accretion," Albemarle said, in a statement.
The Albemarle offer came after Perth-based Azure Minerals last month revealed it had rejected a $998 million takeover offer, at $2.31 a share, from Chilean mining giant Sociedad Quimica y Minera de Chile . Since then, Azure's shares have surged more than 1,000 per cent on the back of its Andover lithium discovery, south-east of Karratha in WA's Pilbara.
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