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.
Have you read?
World’s Most Influential and Innovative Companies.
World’s Best Hospitality And Hotel Management Schools.
The world’s top 50 most popular luxury brands for 2023.
Richest Tennis Players In The World.
Richest Actors In The World.
Add CEOWORLD magazine to your Google News feed.
Follow CEOWORLD magazine headlines on: Google News, LinkedIn, Twitter, and Facebook.
Thank you for supporting our journalism. Subscribe here.
For media queries, please contact: email@example.com