Australian lithium producer Allkem surged more than 14% on Thursday after announcing a $10.6 billion merger with U.S- based Livent to create the third-largest producer of the key component used in electric-vehicle batteries.
Allkem shares soared as much as 14.2% to A$14.740 by 0014 GMT, touching their highest since Nov. 24 and topping gainers on the ASX 200 benchmark indexShareholders of Allkem will get one share in the combined entity for each of their shares and the company will ultimately own 56% of the new firm, while Livent will own the rest.
The deal is expected to complete by the end of 2023, and the merged entity will be listed on the NYSE and headquartered in the United States."It presents operational synergies from complementary assets, scale benefit and further vertical integration and possible long-term asset/technology upside," they added.earlier on Thursday that it is "quite positive" about a $10.6 billion tie-up plan with Livent Corp.
Lithium and other allied components have picked up demand in the recent past as companies look towards expanding their portfolios towards sustainable energy. Both Allkem and Livent operate lithium brine facilities in Argentina that are roughly 10 km apart, and in the Canadian province of Quebec.
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