According to foreign media reports, Lithium Americas, an American lithium company, made a takeover offer for Canadian lithium company Millennial in the form of 400 million US dollars in stock and cash on November 1, beating Ningde Times's offer of 377 million Canadian dollars (about 298 million US dollars). It is reported that Ganfeng Lithium is the largest shareholder of Lithium Americas.
Lithium Americas's offer is C $4.70 (US $3.80) per share, which is paid in the form of Lithium Americas common shares plus C $0.001 in cash. Based on the closing price on Oct. 29, shareholders of Millennial will own about 9.9% of Lithium Americas.
Millennial said that if Ningde Times wants to compete with Lithium Americas, it can revise the offer by November 16.
Data show that Millennial is mainly engaged in the acquisition, exploration and development of lithium mining rights. The company currently has two salt lake projects to be developed or explored in Argentina, namely Pastos Grandes lithium salt lake project and Cauchari East lithium salt lake project. Millennial holds 100% interest in two projects. According to a report in June, the company measured and indicated lithium carbonate equivalent of about 4.12 million tons. If it succeeds in acquiring Millennial,Lithium Americas, it will get 24000 tons of battery-grade lithium carbonate annually in the next 40 years.
Battery net notes that, Lithium Americas's offer is the third offer Millennial has received since July this year. According to the timeline, Ganfeng Lithium is the first Chinese company to propose to acquire Millennial. In July, Ganfeng Lithium offered no more than C $353 million (1.79 billion yuan). In September, Ningde Times made a higher offer for Millennial, which totaled C $377 million a share, surpassing the C $3.60 per share offer made by Ganfeng Lithium, Lithium Americas's largest shareholder, in July. Ganfeng Lithium subsequently withdrew its offer.
