US Rockwood terminates bid for Talison, will get $7m break-up fee

12 December 2012 18:41  [Source: ICIS news]

TORONTO (ICIS)--US specialty chemicals firm Rockwood has agreed to terminate its planned takeover of Australia’s Talison Lithium, Talison said on Wednesday.

Talison, which is listed on the Toronto Stock Exchange, will pay Rockwood a Canadian dollar (C$) 7.0m ($7.1m, €5.4m) break-up fee, it said.

In August, Rockwood had agreed to acquire Talison for C$6.50/share. However, earlier this month Talison accepted a higher C$7.50/share bid, worth about C$848m, from China’s Chengdu Tianqi Industry.

Tianqi is expected to complete its takeover of Talison in March, Talison added.

($1 = C$0.99)
($1 = €0.77)

By: Stefan Baumgarten
+1 713 525 2653

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