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Albemarle (NYSE:ALB) has secured an extra week to conduct due diligence on takeover target Liontown Resources (OTCPK:LINRF) after Hancock Prospecting, a company controlled by Australia’s richest woman, said Wednesday it acquired a 19.9% stake in the lithium miner.
“Hancock now looks forward to having a prominent influence on Liontown’s future, as its largest shareholder,” Gina Rinehart’s company said, as it continues to keep investors guessing on specific intentions.
Albemarle (ALB) needs 75% support from Liontown (OTCPK:LINRF) shareholders who vote on the deal for its takeover bid to succeed.
On September 11, Liontown (OTCPK:LINRF) granted Albemarle (ALB) four weeks to look over its books following a fresh takeover proposal valuing it at ~US$4.2B.
Liontown (OTCPK:LINRF) is developing one of the largest and highest-grade hard rock lithium deposits in the world.