CATL to Acquire Canada’s Millennial Lithium: Report

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  • It added that CATL earlier this month had made an offer of C$3.85 per share in cash, Argentina-focused Millennial Lithium said, outbidding the C$3.60 per share offer made in July by Ganfeng
  • This deal comes as prices for battery-grade lithium carbonate in China have more than tripled so far this year as EV demand accelerates back from the pandemic fallout

As per a report by Reuters, Canada’s Millennial Lithium Corp said Chinese battery maker Contemporary Amperex Technology Co Ltd (CATL) has agreed to buy the miner for C$376.8 million ($297.3 million), after outbidding compatriot Ganfeng Lithium. It added that CATL earlier this month had made an offer of C$3.85 per share in cash, Argentina-focused Millennial Lithium said, outbidding the C$3.60 per share offer made in July by Ganfeng.

The report added that in April, CATL said its subsidiary agreed to take a stake in China Molybdenum Co’s Kisanfu mine, a major source of battery metal cobalt, in the Democratic Republic of Congo (DRC) for $137.5 million.Millennial Lithium said on Tuesday that CATL has also reimbursed it for the termination fee of $10 million paid to Ganfeng, which had until Monday to match the higher bid but decided against it.

This deal comes as prices for battery-grade lithium carbonate in China have more than tripled so far this year as EV demand accelerates back from the pandemic fallout.

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