Australia's Sayona Mining goes on trading halt; Piedmont follows suit (updated)

Elevra Lithium

19/11/2024 24:21

(Adds further details from paragraph 3)
       MELBOURNE, Nov 19 (Reuters) - Shares of Australia-listed
lithium producer Sayona Mining  SYA.AX  went on a trading halt
on Tuesday after a report suggested a potential merger with
Piedmont Lithium  PLL.O   PLL.AX .
    Australia-listed shares of Piedmont Lithium also went on a
halt.
    Sayona has agreed terms to merge with Piedmont Lithium and
both companies are expected to raise fresh equity as a part of
the deal, The Australian Financial Review reported. 
    Market value of the two companies combined sits at A$754
million ($490.25 million).
    The two companies have a joint venture in Canada and both
are suppliers the U.S. electric vehicle industry.
    Sayona Mining did not immediately respond to Reuters
requests for comment, while Piedmont Lithium declined to
comment. 

($1 = 1.5380 Australian dollars)

 (Reporting by Archishma Iyer in Bangalore and Melanie Burton in
Melbourne; Editing by Subhranshu Sahu)
 ((Archishma.Iyer@thomsonreuters.com;))