Australia’s richest woman has amassed a stake in lithium producer Albemarle Corp.’s A$6.6 billion ($4.3 billion) takeover target Liontown Resources Ltd., and suggested she may push for a board seat.
Iron ore mining billionaire Gina Rinehart’s Hancock Prospecting Pty Ltd. confirmed Tuesday it had acquired a 7.72% stake in Liontown and said it believed it could help steer the company’s metal conversion and growth. The Australian lithium miner’s shares have been intermittently trading since Thursday above the A$3 per share offer price that won Albemarle four weeks of due diligence.
Hancock said in a statement that it offers Liontown “the opportunity to leverage Hancock’s expertise where it is of value to support the Project’s development and subsequent operations.”
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