Allkem-Livent merger gets regulatory approvals before shareholder vote

Allkem

14/11/2023 21:02

Nov 14 (Reuters) - 
    Lithium miner Livent  LTHN.N  said on Tuesday its proposed
$10.6 billion merger with Australia's Allkem  AKE.AX  had
received all the required pre-closing regulatory approvals. 
    The deal is expected to close by Jan. 4 if Allkem
shareholders vote in its favor at a Dec. 19 meeting.
    The new company, to be called Arcadium Lithium, will be the
world's third-biggest producer of the key metal used in electric
vehicle batteries, behind U.S.-based Albemarle  ALB.N  and
Chile's SQM  SQMA.SN .     
    Under the deal, Allkem shareholders will get one share in
Arcadium Lithium for each of their shares and the company will
ultimately own 56% of the new firm. 
    Livent shareholders will get 2.406 shares in the new firm
for each existing share, with Livent CEO Paul Graves taking the
top job.
    While a basket of prices for lithium has dropped more than
60% this year, the world's largest lithium producers say they
remain bullish on long-term demand for the battery material.
    

 (Reporting by Seher Dareen in Bengaluru; Editing by Devika
Syamnath)
 ((Seher.Dareen@thomsonreuters.com; If in India call +91 74832
70128, if within U.S. call +1 646 223 8780;))