Lithium miner Allkem rises as $10.6 bln Livent deal close edges nearer (updated)

Allkem

28/09/2023 04:00

(Updates with further details and background)
       Sept 28 (Reuters) - Australian lithium major Allkem
 AKE.AX  said on Thursday that it has received, or will soon
receive, the necessary competition and foreign investment
approvals for its planned $10.6 billion merger with Livent
 LTHM.N .
    The merger, announced in May, is expected to close around
the end of 2023 and will create Allkem Livent, the world's
third-largest producer of the metal used to make electric
vehicle batteries.
    Allkem said it is awaiting approvals from certain
regulators, both companies' shareholders and Australian courts,
and that the necessary paperwork has been filed with the U.S.
market regulator.
    The company's shares rose as much as 4.4% to A$11.815 as of
0242 GMT and was on track for its best day in over a month.
    Livent did not immediately respond to a Reuters request for
comment.

 (Reporting by Rishav Chatterjee in Bengaluru; Editing by Savio
D'Souza)
 ((Rishav.Chatterjee@thomsonreuters.com;))