Australia's Essential Metals jumps on buyout bid from IGO-Tianqi JV

Essential Metals

09/01/2023 24:03

** Shares of Essential Metals Ltd  ESS.AX  soar as much as
40.6% to A$0.485, best day since Oct 2021
    ** Stock hits highest level since Nov 14
    ** The mineral exploration and development firm receives a
A$136 million buyout bid from Tianqi Lithium Energy Australia
(TLEA), a joint venture between Australian miner IGO Ltd
 IGO.AX  and China's Tianqi Lithium Corp  002466.SZ  
    ** The offer of A$0.50/share representing a 44.9% premium to
Essential's last close on Friday
    ** More than 5 mln shares change hands, compared with the
30-day average volume of about 933,000 shares 
    ** Stock has risen over 65% in 2022
 (Reporting by Jaskiran Singh in Bengaluru)
 ((Jaskiran.Singh@thomsonreuters.com;))