Gina Rinehart has strengthened her position as kingmaker in any deal involving US battery chemicals giant Albemarle and its takeover target Liontown Resources.
Gina Rinehart has reinforced her potential blocking stake in takeover target Liontown Resources as $6.6 billion suitor Albemarle weighs up its next move after reaching the end of a four-week due diligence period.
Liontown and New York-listed Albemarle have not updated the market since the designated due diligence period ended. The private company controlled by Australia’s richest person has said it wants to provide mining firepower to Liontown’s flagship Kathleen Valley lithium project and indicated an interest in lithium processing, which is Albemarle’s area of expertise.
If Albemarle proceeds with its offer, the scheme of arrangement is likely to require support from 75 per cent of votes cast by shareholders.
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