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(Bloomberg) -- Albemarle Corp., the world’s top lithium producer, has had its A$5.5 billion ($3.7 billion) cash offer for Liontown Resources Ltd rejected by the Australian developer, sending shares in the target up almost 70% and fueling expectations of wider consolidation.Most Read from BloombergFBI Releases Files on Ivana TrumpSchwab’s $7 Trillion Empire Built on Low Rates Is Showing CracksBanks in France Face More Than $1.1 Billion Fines After RaidsMarkets Are Wrong on US Rate-Cut Bets, Black
MELBOURNE (Reuters) -Australia's Liontown Resources said it had knocked back an approach from the world's biggest lithium producer Albemarle Corp on Tuesday that valued the lithium developer at A$5.50 billion ($3.7 billion) and sent its shares rocketing 59%. Liontown controls two major lithium deposits in Western Australia, including its flagship Kathleen Valley project slated for first production in mid-2024, which is among the world's largest and highest-grade hard rock lithium deposits. North Carolina-based Albemarle is the world's biggest lithium producer with major facilities in Chile, China and Western Australia where it holds stakes in two mines and is building a lithium hydroxide processing plant near Perth.
Albemarle (ALB) plans to locate the new lithium mega-flex facility in South Carolina to keep pace with the growing demand for electric cars and lithium-ion batteries.