Allkem rises as $10.6bn Livent deal close edges nearer

28th September 2023 By: Reuters

Australian lithium major Allkem said on Thursday that it has received, or will soon receive, the necessary competition and foreign investment approvals for its planned $10.6-billion merger with Livent.

The merger, announced in May, is expected to close around the end of 2023 and will create Allkem Livent, the world's third-largest producer of the metal used to make electric vehicle batteries.

Allkem said it is awaiting approvals from certain regulators, both companies' shareholders and Australian courts, and that the necessary paperwork has been filed with the US market regulator.

The company's shares rose as much as 4.4% to A$11.815 as of 02:42 GMT, on track for its best day in over a month.

Livent did not immediately respond to a Reuters request for comment.