Top shareholder Toyota 'quite positive' on Allkem-Livent tie-up - Allkem

Toyota Tsusho

11/05/2023 01:50

MELBOURNE, May 11 (Reuters) - Top Allkem Ltd  AKE.AX 
shareholder Toyota is "quite positive" about a $10.6 billion
tie-up plan with U.S.-based lithium chemicals maker Livent Corp
 LTHM.N , Allkem's CEO said on Thursday as shares in his
Australian-listed company surged. 
    Allkem Ltd and Livent said on Wednesday they would combine
in an all-stock  deal to create the world's third-largest
producer of lithium, a key metal for electric vehicle batteries.
    Toyota Tsusho Corp  8015.T , the Japanese automaker's
trading arm, holds 6.16% of Allkem's shares. Toyota did not
immediately respond to a request for comment. 
    "Toyota is aware of the transaction... it is quite positive,
their reaction to the deal," Allkem CEO Martin Pérez de Solay
told Reuters. 
    "We are all looking forward jointly with them on a larger
and deeper business relationship with the Toyota group," he
added in an interview. 
    Shares in Allkem rallied as much as 13.6% when they opened
on Thursday after news of the deal broke Wednesday after markets
closed, sparking a rally in Australia-listed lithium stock. 
     Livent shares ended up 5.2% on the New York Stock Exchange.
   

 (Reporting by Melanie Burton and Yuka Obayashi.)
 ((melanie.burton@thomsonreuters.com Twitter: @MelanieMetals;
+613 9286 1421; Reuters Messaging:
melanie.burton.thomsonreuters.com@reuters.net))