Allkem shareholders vote in favour of $10.6 bln Livent merger (updated)

Allkem

19/12/2023 02:58

(Recasts; adds vote results for shareholder deal in paragraph
2, description of business in paragraph 4)
    By Scott Murdoch
       SYDNEY, Dec 19 (Reuters) - Investors in Australian
lithium producer Allkem  AKE.AX  voted on Tuesday to accept a
$10.6 billion merger offer from U.S. giant Livent  LTHM.N  that
would create one of the world's biggest lithium companies.
    Proxy votes for the deal indicated 53% of Allkem
shareholders had voted, with 89% of those in favour, said Allkem
Chairman Peter Coleman. Final results will be announced to
Australia's securities exchange later on Tuesday.
    Livent last week said it had received all regulatory
approvals for the deal to proceed that will create a company
called Arcadium Lithium. Its shareholders will vote later on
Tuesday.
    Arcadium Lithium will have a sprawling footprint across
major producing regions Australia, Argentina and Canada, and
will operate across the supply chain from mining to delivering
finished chemicals to battery-maker customers.
    Under the deal, Allkem shareholders will get one share in
Arcadium Lithium for each of their shares, and they will
ultimately own 56% of the new firm.
    Livent shareholders will get 2.406 shares in the new firm
for each existing share and Livent CEO Paul Graves will take the
top job.
    The new company 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 .
    The transaction has been recommended by independent experts
in a report compiled by financial advisors Kroll. Major proxy
advisory firms have also recommended investors vote in favour of
the deal.
   Livent's Graves told Reuters in November the new company
would be keen to expand its existing asset base in Western
Australia's world-class lithium districts.

 (Reporting by Scott Murdoch in Sydney and Melanie Burton in
Melbourne; Editing by Christopher Cushing)
 ((Scott.Murdoch@thomsonreuters.com;))