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Allkem-Livent merger gets regulatory approvals before shareholder vote

15th November 2023

By: Reuters

  

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Lithium miner Livent said on Tuesday its proposed $10.6-billion merger with Australia's Allkem  had received all the required pre-closing regulatory approvals.

The deal is expected to close by January 4 if Allkem shareholders vote in its favor at a December 19 meeting.

The new company, to be called Arcadium Lithium,will be the world's third-biggest producer of the key metal used in electric vehicle batteries, behind US-based Albemarle and Chile's SQM.

Under the deal, Allkem shareholders will get one share in Arcadium Lithium for each of their shares and the company will ultimately own 56% of the new firm.

Livent shareholders will get 2 406 shares in the new firm for each existing share, with Livent CEO Paul Graves taking the top job.

While a basket of prices for lithium has dropped more than 60% this year, the world's largest lithium producers say they remain bullish on long-term demand for the battery material.

Edited by Reuters

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