Livent rises on merger deal with Australian lithium producer Allkem

Allkem

10/05/2023 15:45

(Updates)
    ** Livent Corp shares  LTHM.N  rise 3.8% to $25.16 - hit
11-week high
    ** Australian lithium miner Allkem Ltd  AKE.AX  signs deal
to merge with Livent
    ** Following the transaction, Allkem will own 56% of the new
firm, with the remaining stake going to Livent
    ** Livent shareholders to get 2.406 shares of the new
company for each existing Livent share; the new company to be
listed on the NYSE
    ** Deal expected to close by year-end
    ** Merger to create third largest lithium producer, says
Raymond James
        ** "On the key aspect of synergies, this will be a
wait-and-see story" - RJ
  
    ** Other lithium miners like Chile's Sociedad Quimica
 SQMA.SN   SQM.N , Albemarle Corp  ALB.N  and Lithium Americas
Corp  LAC   LAC.TO  gain in the range of 0.9% to 3.4%

 (Reporting by Sruthi Shankar and Arshreet Singh in Bengaluru)
 ((sruthi.shankar@thomsonreuters.com;
arshreet.singh@thomsonreuters.com))