Albemarle scrapped its proposed $4.16 billion takeover of Liontown Resources, citing the difficulty of completing one of the biggest-ever lithium deals after Australia’s richest woman bought a large stake in the company.
Liontown said on Monday that Albemarle withdrew its cash offer of 3.0 Australian dollars (US$1.89) per share. Australian billionaire Gina Rinehart’s Hancock Prospecting last week announced that it had acquired a 19.9% equity stake in Liontown.
“Albemarle has advised Liontown that its decision to withdraw its proposal was due to the growing complexities associated with executing the transaction,” Liontown said in a market filing.