Tianqi Lithium shares up 5% on joint bid for Australia's Essential Metals

Essential Metals

09/01/2023 03:15

** Hong Kong shares of Chinese lithium products maker and
developer Tianqi Lithium Corp  9696.HK  rise as much as 5.2% to
HK$63.20, their highest since Dec. 20
    ** Stock on track for third straight session of gain
    ** A joint venture headed by Tianqi Lithium Corp made an
A$136 mln ($93.98 mln) bid for Australian lithium developer
Essential Metals  ESS.AX , setting up a major test of Australian
regulators' appetite for Chinese-led foreign investment
 urn:newsml:reuters.com:*:nL1N33T0I2
    ** Tianqi Lithium Energy Australia, 51% owned by Tianqi
Lithium and 49% by Australian miner IGO Ltd  IGO.AX , set the
bid at A$0.50/share and was supported by Essential's board which
recommended shareholders vote in favour of the deal 
    ** Tianqi Lithium Corp says the deal will help expanding its
lithium ore resource reserve, meeting its international business
planning while improving its core competitiveness  urn:newsml:reuters.com:*:nL4N33U00J
    ** Shenzhen-listed shares of Tianqi Lithium Corp  002466.SZ 
climbs 1.6%
    ** The Hang Seng Commerce & Industry Index  .HSNC  rises
2.6% while the material index  .HSCIM  jumps 5%
    ** The Hang Seng Composite Index  .HSCI  rises 1.8% and the
Hang Seng Index  .HSI  rises 1.7%
($1 = 1.4472 Australian dollars)
 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))