Talison Lithium agrees to C$848m takeover bid from China's Tianqi

06 December 2012 18:59  [Source: ICIS news]

TORONTO (ICIS)--Talison Lithium said on Thursday that it has agreed to a Canadian dollar (C$) 7.50/share takeover offer from China’s Chengdu Tianqi Industry.

Talison is headquartered in Australia but its shares are listed on the Toronto Stock Exchange.

Tianqi’s cash offer, valuing Talison's equity at about C$848m ($848m), was superior to the C$6.50/share takeover offer by US-based specialty chemicals firm Rockwood in August, Talison said.

"This price represents an attractive premium for security holders relative to the price under the Rockwood proposal and reflects positively on Talison’s position in the global lithium market," board chairman Peter Robinson said.

However, under its agreement with Tianqi, Talisman is granting Rockwood five business days to match Tianqi’s offer.

Rockwood media officials were not immediately available for comment. The company had said last month it would not raise its offer.

Talison's shares were up 6.6% at C$7.32/share at 12:55 hours on the Toronto Stock Exchange.

($1 = C$1)

By: Stefan Baumgarten
+1 713 525 2653

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