Australia's Allkem marks best month since Aug on merger with Livent

Lake Resources NL

31/05/2023 07:11

** Australian lithium producer Allkem  AKE.AX  closes 0.1%
higher and posts best monthly gain since August 2022     
    ** Co had announced a $10.6 bln merger with U.S-based Livent
 LTHM.N  to create the world's third-largest producer of the
metal, which is used to make electric vehicle batteries 
 urn:newsml:reuters.com:*:nL4N37729F
    ** Shareholders of Allkem will get one share in the combined
entity for each of their shares and the company will ultimately
own 56% of the new firm, while Livent will own the rest
    ** Shares of other lithium miners rally this month, with
Pilbara Minerals  PLS.AX  and Lake Resources  LKE.AX  up 4.8%
and 27.4%, respectively 
    ** Allkem stock up ~32.6% this year, as of last close
    

 (Reporting by Archishma Iyer)
 ((Archishma.Iyer@thomsonreuters.com;))