Albemarle’s $4.3 billion Lithium Deal Collapses After Billionaire Gina Rinehart Steps In

Albemarle’s $4.3 billion attempt to buy out Liontown Resources LTD was put to an end when Gina Rinehart, Australia’s wealthiest citizen, acquired enough stock to prevent the acquisition from taking place. US miner Albemarle abandoned the Liontown deal, citing “growing complexities associated with the proposed transaction”.

Albemarle, the world’s largest lithium producer, had been working for months to acquire Liontown and its offer was accepted in September. But over recent weeks Australian billionaire Rinehart has built a 19.9 per cent stake in Liontown through her iron ore mining company Hancock Prospecting.

Albemarle did not directly refer to Hancock’s stake as the reason for walking away from the deal.

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