Lithium developer Azure Minerals shuts down SQM's takeover offer; shares rise

Azure Minerals

15/08/2023 02:26

** Shares of Australian lithium developer Azure Minerals
 AZS.AX  rise as much as 12.4% to A$2.63, set to gain most since
Aug. 4, if gains hold
    ** Stock hits highest since Aug. 8
    ** Co says it had rejected A$901.4 million ($584.11 million)
takeover offer from Sociedad Química y Minera de Chile (SQM)
 SQMA.SN 
    ** Says it decided to reject the offer in light of the
increasing potential of its Andover lithium project in Pilbara
    ** Adds offer price of A$2.31 per share received from the
world's second biggest lithium chemicals maker was lower than
its Aug. 8 intraday high of A$2.96
    ** Stock has risen 940% this year, as of last close


($1 = 1.5432 Australian dollars)

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))