Australian lithium miner Liontown Resources Ltd. said it’s willing to back a new A$6.6 billion ($4.3 billion) takeover offer from Albemarle Corp., the world’s biggest producer of the battery metal.
Albemarle has been granted due diligence after raising its cash offer by 20% in a best and final proposal, Liontown said Monday. The Australian miner’s shares jumped as much as 11% in Sydney.
A deal would cement the stunning rise of the Australian lithium sector, where the share prices of newly founded and previously little-known companies have soared more than 10-fold amid surging demand for the metal. The race for lithium has mining heavyweights, battery manufacturers and automakers from Rio Tinto Plc to Tesla Inc. chasing deals with firms with even early stage or pre-production projects.
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