US' Rockwood will not raise bid for Australia's Talison Lithium

21 November 2012 02:30  [Source: ICIS news]

HOUSTON (ICIS)--Rockwood will not raise its takeover bid for Australia's Talisman Lithium, despite a rival bid from a Chinese firm this week, Seifi Ghasemi, the CEO of the US-based specialty chemicals producer, said on Tuesday.

Ghasemi said that Rockwood’s Canadian dollar (C$) 6.50/share offer in August to acquire the Toronto-listed lithium firm was its “best and final offer”.

Rockwood would not raise the bid to respond to a “so-called competing bid” of C$7.50/share this week from China’s Chengdu Tianqi Industry Group (Tianqi), he said.

Rockwood had the cash in hand for the acquisition of Talison, and it had all regulatory approvals to complete the deal, Ghasemi added.

“We are confident that the Talison shareholders, when they meet on 29 November, will vote in favour of our proposal, which provides deal certainty for the Talison shareholders,” he said.

“A vote against the deal would be a lost opportunity for the Talison shareholders and could leave them without any transaction,” he added.

($1.00 = C$1.00)

By: Stefan Baumgarten
+1 713 525 2653

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