Lithium giant Albemarle Corp. has walked away from its A$6.6 billion ($4.2 billion) takeover of Liontown Resources Ltd., after Australia’s richest woman built up a blocking minority and effectively scuppered one of the largest battery-metals deals to date.
Eager to add new supply, Albemarle had pursued its Perth-based target for months, eying its Kathleen Valley project — one of Australia’s most promising deposits. Liontown agreed to the US company’s “best and final” offer of A$3 a share in September — a near 100% premium to the price before Albemarle’s takeover interest was made public in March.
Over the past weeks, however, Albemarle has had to contend with the arrival of combative mining tycoon Gina Rinehart, as her Hancock Prospecting Pty. steadily built up a 19.9% stake in Liontown. Last week, she became the single largest investor, with enough clout to potentially block a shareholder vote on the deal.
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