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Matt Dusk sings Sinatra in Halifax/PEI/Moncton | SaltWire - Lithium miner Liontown Resources on Thursday said it would extend the exclusive due diligence period by a week for its proposed A$6.6 billion buyout by U.S. firm Albemarle Corp..
Liontown had earlier indicated that it has granted the U.S.- based chemical manufacturing company a four-week exclusive due diligence period to enable Albemarle to put forward a binding offer. Albemarle's due diligence is substantially complete and it requires a short extension, Liontown said. Liontown had backed the buyout offer from Albemarle, the world's largest lithium producer, which valued the company at about A$3 per share.
Hancock Prospecting, a firm controlled by local billionare Gina Rinehart, has now picked up a 19.9% stake in Liontown which might hamper the takeover attempts from the U.S. mining giant.
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