Rockwood adds to lithium stocks
Talison acquired in agreed deal
Rockwood Holdings has entered into a definitive agreement with Talison Lithium, the operator of the Greenbushes lithium operations in Western Australia and others in Chile, for $732 million, which will be raised by a mix of cash and debt financing. The deal has been unanimously recommended by the Talison board but is subject to approval by shareholders and other customary closing conditions.
Chairman and CEO Seifi Ghasemi described the deal as “the logical next step in further strengthening our lithium business and enhancing our capabilities”. Talison has many lithium concentrate customers in China and elsewhere, he noted. Rockwood, owner of the former Chemetall, is already the world’s largest producer of lithium, which is in growing demand mainly for batteries in consumer electronics and electric and hybrid vehicles.