An Albemarle unit has put on sale its entire stake in Australia’s Liontown Resources, a term sheet showed on Wednesday, after the US-based firm withdrew its proposed A$6.6 billion ($4.33 billion) bid for the lithium developer.
Albemarle, the world’s largest lithium producer, has offered about 96 million shares of Liontown for about A$121 million in a block trade, the term sheet showed. The shares represent about 4% of Liontown’s shares on issue.
The issue price of A$1.26 to A$1.32 per share represents a discount of 7.4%-2.9% to Liontown’s last traded price of A$1.36 on Wednesday.
In October, Albemarle abandoned its bid for Liontown amid “growing complexities” after Hancock Prospecting, an iron ore miner controlled by Australia’s richest person, Gina Rinehart, raised its stake in Liontown high enough to block the bid.
Reuters