By Greg Hazley
Chengu Tianqi Industry, a Chinese battery maker, is working with PR counsel in Australia and the U.S. as it moves to outbid New Jersey-based Rockwell Holdings to acquire Australian lithium ore giant Talison.
CT said Dec. 6 it has reached a deal to acquire Talison, which is traded on the Toronto Stock Exchange and is the world’s top producer of lithium ore, for about $855M, trumping an earlier deal by Rockwood worth around $732M.
CT, which has an Australian mining subsidiary, Windfield Holdings Pty, is working with Kreab Gavin Anderson’s New York (partner Joshua Goldman Brown) and Sydney (senior advisor Greg Baxter) offices. KGA is part of Omnicom.
Rockwood on Nov. 20 acknowledged a “competing bid” but said it had no intention of engaging in a bidding process.
Talison’s board Dec. 6 threw its support behind the CT higher bid, urging shareholders to approve the deal in February.
Lithium production has surged for its use in rechargeable batteries needed for devices like mobile phones and tablets, while electric vehicles and solar technology are expected to increase demand as well.
Talison shares were trading at $7.32 on Dec. 6, surpassing its 52-week range of $2.84-$7.25. |