ALBEMARLE WITHDRAWS NON-BINDING OFFER TO ACQUIRE LIONTOWN RESOURCES.
Albemarle Corporation (NYSE: ALB), a global leader in providing essential elements for mobility, energy, connectivity and health, announced today it will not pursue a binding agreement to purchase Liontown Resources Limited (ASX:LTR) and has formally withdrawn its non-binding offer to Liontown’s Board of Directors.
The decision comes as Albemarle nears the end of its exclusive due diligence process.
Kent Masters, CEO of Albemarle, said,
Our engagement with the Liontown team has been meaningful and productive. We appreciate the level of cooperation we have received, and we thank the entire team for their efforts.
“moving forward with the acquisition, at this time, is not in Albemarle’s best interests.”
The company noted growing complexities associated with the proposed transaction as a factor in its decision.
Today’s announcement is consistent with Albemarle’s disciplined approach to capital allocation and the company will continue to execute its long-term growth strategy. Planned expansions to deliver volumetric growth continue to progress across the company’s global portfolio. Albemarle’s capital allocation priorities remain investing in high-return organic and inorganic growth, maintaining its financial flexibility and investment grade credit rating, and funding its dividends.
Albemarle is one of Australia’s biggest lithium investors, with mining assets at Wodgina and Greenbushes, and with the Kemerton lithium hydroxide plant, which is currently undergoing a significant expansion.
About Albemarle
Albemarle Corporation (NYSE: ALB) leads the world in transforming essential resources into critical ingredients for mobility, energy, connectivity, and health. We partner to pioneer new ways to move, power, connect and protect with people and planet in mind. A reliable and high-quality global supply of lithium and bromine allows us to deliver advanced solutions for our customers. Learn more about how the people of Albemarle are enabling a more resilient world at Albemarle.com and on Twitter @AlbemarleCorp.
Albemarle regularly posts information on our website, including notification of events, news, financial performance, investor presentations and webcasts, non-GAAP reconciliations, SEC filings and other information regarding the company, its businesses, and the markets we serve.
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ALBEMARLE WITHDRAWS NON-BINDING OFFER TO ACQUIRE LIONTOWN RESOURCES. Source
