SYDNEY — Albemarle scrapped its proposed $4.16 billion takeover of Liontown Resources, citing the problem of finishing the deal following the intervention of Australia’s richest girl.
Liontown on Monday stated that Albemarle
ALB,
withdrew its money provide of three.0 Australian {dollars} (US$1.89) per share. Australian billionaire Gina Rinehart’s Hancock Prospecting final week introduced it had taken a 19.9% fairness stake in Liontown
LTR,
“Albemarle has advised Liontown that its decision to withdraw its proposal was due to the growing complexities associated with executing the transaction,” Liontown stated in a market submitting.
Liontown, which is growing one of many largest and highest-grade laborious rock lithium deposits on the earth, stated that Albemarle had confirmed a positive view of its Kathleen Valley venture and the Australian firm’s proposal.
Albemarle’s determination got here after it requested for an additional week to look over Liontown’s books following Hancock’s transfer. On Sept. 11, the ASX-listed firm granted Albemarle 4 weeks to look at its books following a contemporary takeover proposal.
Source web site: www.marketwatch.com
