Australia's Essential Metals falls after ending Tianqi-IGO deal

Essential Metals

21/04/2023 03:52

** Shares of Essential Metals  ESS.AX  fall 7% to A$0.465
    ** Co terminates A$136 mln ($91.7 mln) takeover deal signed
with JV led by China's Tianqi Lithium  002466.SZ  and Australian
miner IGO  IGO.AX 
    ** Bid failed to reach the threshold of 75% of support from
present and voting shareholders 
    ** Co says it is now free to engage with other parties and
those who expressed interest in Dec-qtr
    ** About 10.5 mln shares change hands, 2.2x the 30-day
average of 4.8 mln shares
    ** As of last close, stock up 53.9% this year

 (Reporting by Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com;))