Australia's Pilbara Minerals to buy Latin Resources for $369 mln (updated)

Latin Resources

15/08/2024 24:47

(Adds details in paragraphs 2-5)
       Aug 15 (Reuters) - Australia's lithium miner Pilbara
Minerals  PLS.AX  said on Thursday it would acquire smaller peer
Latin Resources  LRS.AX  for an implied value of A$559.9 million
($369.37 million) through an all-share transaction. 
    Latin Resources shareholders will receive 0.07 new Pilbara
shares for each share held, under the deal terms. 
    Based on Pilbara's last closing price, the deal implies a
value of A$0.20 per Latin share, a 66.7% premium to its last
closing level.
    On completion, Pilbara will gain control of Latin's flagship
Salinas Lithium Project in Minas Gerais, Brazil, as it moves to
diversify its operations by gaining exposure to the growing
North American and European battery market.
    Latin Resources board unanimously recommended the deal in
the absence of a better proposal.
        
  
        
  
($1 = 1.5158 Australian dollars)


 (Reporting by Sneha Kumar; Editing by Mohammed Safi Shamsi and
Rashmi Aich)
 ((Sneha.Kumar@thomsonreuters.com;))