Billionaire Rinehart's Hancock Prospecting buys Liontown shares, might seek board seat (updated)

Delta Lithium

11/09/2023 11:44

(Adds background in paragraphs 3-8)
       Sept 11 (Reuters) - Australian billionaire Gina
Rinehart's Hancock Prospecting said on Monday it has picked up a
stake in lithium miner Liontown Resources  LTR.AX , which
recently accepted a buyout bid from Albemarle  ALB.N .
    Hancock said it has become a "substantial shareholder" of
7.72% of the ordinary shares in Liontown.
    Liontown's shares jumped to a session high of A$3.03 last
Thursday, highest since June 22 and above Albemarle's buyout
offer price of A$3.00 per share.
    Liontown had backed the buyout offer from Albemarle, the
world's largest lithium producer, which valued the company at
about A$6.61 billion ($4.25 billion).
    Hancock said on Monday that in the future it may seek a
position on Liontown's board.
    Australia's richest person Rinehart already had a 4.9% stake
in Liontown, which was just under the "substantial" threshold.
    Rinehart owns shares in lithium companies such as Patriot
Battery Metals  PMET.V  and Delta Lithium  DLI.AX , in line with
her recent focus on the sector, while expanding beyond iron ore.

 ($1 = 1.5552 Australian dollars)

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