Australia's Lithium Power soars on $245 mln buyout deal with Chilean state miner

Lithium Power International

18/10/2023 01:36

** Shares of Lithium Power International Ltd  LPI.AX  surge
as much as 30.7% to A$0.543, their highest level since Dec. 5
last year
    ** LPI marks its biggest intraday gain since Sept. 28
    ** More than 15.0 mln shares change hands, vs the 30-day
average of 1.2 mln shares
    ** LPI among top 5 gainers in the ASX All Ordinaries index
 .AORD 
    ** LPI signs binding agreement for Chilean state miner
Codelco  COBRE.UL  to buy it for equity value of ~A$385 mln
($245.01 mln)
    ** LPI shareholders to receive A$0.57 in cash per share, a
premium of 37.3% to last close
    ** Board unanimously recommends shareholders vote in favour
of the proposal
    ** LPI down 5.7% this year, as of last close

($1 = 1.5713 Australian dollars)

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))