Albemarle, Liontown Lithium Deal Is Over. It Got Too Complicated.

• Albemarle’s bid for Liontown Resources has been withdrawn due to complications
• Albemarle initially offered A$2.50 per share, which was later increased to A$3
• Privately held mining player Hancock Prospecting acquired a 19.9% stake in Liontown
• Complexity was cited as one reason for the deal not moving forward
• Albemarle stock rose 1.1% in premarket trading, while Liontown shares fell 2.8%
• Citi analyst cut the target price for Liontown shares and expressed concerns about project timelines
• Albemarle was set to pay A$6.2 billion for Liontown’s mining projects
• Albemarle stock has dropped 25% since the bid was announced in March

Albemarle’s bid to acquire Liontown Resources has been withdrawn after seven months of negotiations and complications. Albemarle initially offered A$2.50 per share, which was later increased to A$3. However, privately held mining player Hancock Prospecting acquired a 19.9% stake in Liontown, adding further complexity to the deal. As a result, Albemarle decided to withdraw its proposal. Albemarle stock rose 1.1% in premarket trading, while Liontown shares fell 2.8%. Citi analyst Kate McCutcheon expressed concerns about project timelines and cut the target price for Liontown shares. Albemarle was set to pay A$6.2 billion for Liontown’s mining projects. Since the bid was announced in March, Albemarle stock has dropped 25%.