Lithium Deals
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Tracking significant M&A, IPOs, and equity investments in the Lithium industry
Timeline
Li Lithium Stock List
Livent and Allkem to Merge in $10.6bn All-stock Deal
May 10, 2023
- Allkem shareholders will own ~56% and Livent shareholders will own ~44% of the combined company, which will list on the NYSE.
- The companies expect $125 million in synergies per year, as well as $200 million in one-off savings.
- The combined company is targeting 250,000tpa LCE output by calendar year 2027.
- Livent CEO Paul Graves will lead the combined company as CEO.
Read more: Reuters | Deal Webcast| Livent Press Release
Essential Metals Rejects Tianqi’s $91 million Takeover Bid in Shareholder Vote
April 20, 2023
- The bid only received approval of 31.5% of shareholders, falling well short of the 75% required.
- Essential Metals also announced Mineral Resources now owns a 19.55% stake.
- The bid was made by Tianqi Lithium Energy Austrial (TLEA), a JV owned by Tianqi Lithium (51%) and IGO (49%).
- Essential Metals is an exploration company whose primary asset is the Pioneer Dome resource in Western Australia.
Read more: Reuters | Bloomberg | ESS Press Release
Liontown Rejects $3.4bn takeover offer from Albemarle
March 27th, 2023
- Albemarle confirmed its offer of A$2.50 or US$1.66 per share in cash, which values Liontown at A$5.2 or US$3.4 billion on an enterprise basis.
- This represented a 63% premium to Liontown’s closing share price on March 27, 2023.
- Liontown is a near-term producer, with the company’s 100%-owned Kathleen Valley spodumene project in Western Australia is targeting initial production in 2024.
- The Liontown board rejected the approach, stating the offer “substantially undervalues Liontown, and therefore is not in the best interests of shareholders”.
Read more: Reuters | Bloomberg | ALB Press Release | LTR Press Release
GM to invest $650 million in Lithium Americas to advance Thacker Pass development
January 31, 2023
- Represents the largest-ever investment by an automaker to produce battery raw materials
- GM will become Lithium America’s largest shareholder
- Lithium carbonate from Thacker Pass will be used in GM’s proprietary Ultium battery cells
- GM will receive exclusive access to Phase 1 production through a binding supply agreement and has the right of first offer on Phase 2 production
Thacker Pass, Nevada. Source: Lithium Americas
GM CEO Marry Barra:
“Our future production will increasingly draw from domestic resources like the site in Nevada we’re developing with Lithium Americas”
Additional Terms:
- Lithium Americas to receive $650 million equity investment from GM consisting of:
- $320 million first tranche investment for common shares representing 9.999% of Lithium Americas before separation; and
- $330 million second tranche investment, contemplated to be invested in the Company’s U.S. business following the separation of its U.S. and Argentine businesses
Read more: Reuters | Bloomberg | LAC Press Release | GM Press Release
SQM to invest A$20M for 20% of ASX-listed Azure Minerals (ASX:AZS)
January 11, 2022
- Azure is currently in the feasibility stage of its Nickel-Copper-Cobalt project in Western Australia
- The SQM investment “will be used to accelerate lithium exploration through a program of intensive drilling across the Andover Project.”
- SQM will make an initial A$4.2 million investment to be followed by another A$15.8 million pending due diligence and the signing of an offtake agreement.
Read more: Azure ASX Announcement | Watch: YouTube
Tianqi Lithium makes $94 million bid for Australian developer Essential Metals (ASX: ESS)
January 9th, 2023
- Tianqi Lithium Energy Australia would buy 100% of Essential Metals Limited for $0.5 AUD in cash per share
- Total offer is A$136 million (USD$94 million)
- The offer has been unanimously recommended by the Essential Board of Directors
- The bid will be scrutinized by Australia’s Foreign Investment Review Board (FIRB)
Photo Source: Essential Metals
Read more: Reuters | ASX Filing
