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CEOWORLD magazine - Latest - Tech and Innovation - Albemarle’s $4.3 billion Lithium Deal Collapses After Billionaire Gina Rinehart Steps In

Tech and Innovation

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

Gina Rinehart

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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CEOWORLD magazine - Latest - Tech and Innovation - Albemarle’s $4.3 billion Lithium Deal Collapses After Billionaire Gina Rinehart Steps In
Katherina Davis
Deputy News Editor at CEOWORLD Magazine. Covering money, work, and lifestyle stories. Covering issues of importance to public company nominating and corporate governance committees, including new director recruitment, board evaluations, onboarding, director compensation and overall corporate governance. More recently, I have joined the newsletters team, writing and editing some of the CEOWORLD Magazine's key reader emails.