U.S.-based miner Albemarle (ALB.N) said it had dumped a A$6.6 billion ($4.16 billion) buyout bid for Australian lithium developer Liontown Resources (LTR.AX), in part because of 'growing complexities' around the transaction.
A sign at the approach road leads to Albemarle's lithium evaporation ponds at its facility in Silver Peak, Nevada, U.S., January 9, 2019. Picture taken January 9, 2019. REUTERS/Ernest Scheyder/File PhotoAlbemarle has withdrawn its indicative proposal, the companies confirmed in separate statements that came days after Hancock Prospecting, an iron ore miner controlled by Australia's richest person, Gina Rinehart, raised its stake to 19.9% of Liontown.
"That said, moving forward with the acquisition, at this time, is not in Albemarle's best interests." Hancock has not yet approached Liontown which until now has been under an exclusivity deal with Albemarle, the source added.
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