'Australia's Richest Person Raises Her Stake In Fight Against U.S. Titan For Globally Important Lithium Mining Behemoth' - SCMP
Portfolio Pulse from Benzinga Newsdesk
Australian billionaire Gina Rinehart has increased her stake in lithium producer Liontown Resources to 16.7%, potentially blocking US miner Albemarle Corp's $4.3 billion proposed takeover of the company. Liontown's Kathleen Valley lithium project in Western Australia, one of the world's most promising lithium deposits, has already agreed to supply Ford with battery raw material. Albemarle's latest bid requires 75% support from Liontown investors, and a stake of between 15% and 20% can often become a blocking stake.
October 06, 2023 | 12:44 pm
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Albemarle Corp's proposed $4.3 billion takeover of Liontown Resources could be blocked by Gina Rinehart's increased stake in the company. This could potentially affect Albemarle's expansion plans in the lithium market.
Albemarle's proposed takeover of Liontown Resources is a significant move for the company's expansion in the lithium market. However, Gina Rinehart's increased stake in Liontown could potentially block this takeover, which would likely have a negative impact on Albemarle's stock price in the short term.
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