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Allkem

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AKE

AU0000193666

Top shareholder Toyota 'quite positive' on Allkem-Livent tie-up - Allkem

May 10, 2023 at 08:52 pm EDT

MELBOURNE (Reuters) - Top Allkem Ltd shareholder Toyota is "quite positive" about a $10.6 billion tie-up plan with U.S.-based lithium chemicals maker Livent Corp, Allkem's CEO said on Thursday as shares in his Australian-listed company surged.

Top shareholder Toyota 'quite positive' on Allkem-Livent tie-up - Allkem

Allkem Ltd and Livent said on Wednesday they would combine in an all-stock deal to create the world's third-largest producer of lithium, a key metal for electric vehicle batteries.

Toyota Tsusho Corp, the Japanese automaker's trading arm, holds 6.16% of Allkem's shares. Toyota did not immediately respond to a request for comment.

"Toyota is aware of the transaction... it is quite positive, their reaction to the deal," Allkem CEO Martin Pérez de Solay told Reuters.

"We are all looking forward jointly with them on a larger and deeper business relationship with the Toyota group," he added in an interview.

Shares in Allkem rallied as much as 13.6% when they opened on Thursday after news of the deal broke Wednesday after markets closed, sparking a rally in Australia-listed lithium stock.

Livent shares ended up 5.2% on the New York Stock Exchange.

(Reporting by Melanie Burton and Yuka Obayashi.)

Stocks mentioned in the article

Add to a list Add to a list 0 selected To use this feature you must be a member Log in Sign up	Price	Change	5d. change	Capi.
TOYOTA INDUSTRIES CORPORATION	14,880 JPY	-1.16%	-2.46%	30.19B
TOYOTA TSUSHO CORPORATION	9,645 JPY	+0.17%	-0.66%	21.88B
TOPIX INDEX	2,738 PTS	+0.24%	+1.15%	-
LIVENT	6.862 USD	-8.53%	+0.00%	4.97B

Latest news about Allkem

Allkem to be Delisted from Toronto Bourse	Jan. 04	MT
Allkem to be Removed from Australian Bourse's Official List	Jan. 04	MT
Arcadium Lithium plc Appoints Paul W. Graves as Chief Executive Officer	Jan. 04	CI
Arcadium Lithium plc Appoints Gilberto Antoniazzi as Chief Financial Officer	Jan. 04	CI
Livent Corporation, Livent USA Corp., Arcadium Lithium Plc, Arcadium Lithium Financing IRL Limited and Irish IntermediateCo Enter into A Joinder and First Amendment to Certain Amended and Restated Credit Agreement with Citibank, N.A	Jan. 04	CI
Allkem Says COMEX Approval Granted for James Bay	Dec. 28	MT
North American Morning Briefing : S&P 500 Futures Just Shy of Record High	Dec. 28	DJ
Allkem Secures Environmental Approval for James Bay Project Development	Dec. 28	MT
Arcadium Lithium's Scheme to Acquire Allkem Takes Effect	Dec. 26	MT
Allkem Limited(ASX:AKE) dropped from S&P Global BMI Index	Dec. 22	CI
Allkem Limited(ASX:AKE) dropped from S&P/ASX 100 Index	Dec. 22	CI
Allkem Limited(ASX:AKE) dropped from S&P/ASX 200 Materials Sector Index	Dec. 22	CI
Allkem Limited(ASX:AKE) dropped from S&P/ASX 200 Index	Dec. 22	CI
Allkem Limited(ASX:AKE) dropped from S&P/ASX All Ordinaries Index	Dec. 22	CI
Allkem Limited(ASX:AKE) dropped from S&P/ASX 300 Index	Dec. 22	CI
Livent, Allkem Shareholders Approve $10.6 Billion Merger	Dec. 19	MT
Global markets live: Apple, AbbVie, Comcast, FMC Accenture...	Dec. 19
Investors got more clues that rate cuts are imminent	Dec. 19
Livent Secures Allkem Shareholders' Approval for Planned Business Combination	Dec. 19	MT
Allkem Limited Brief: Said Shareholders Vote in Favour of Merger with Livent	Dec. 19	MT
Allkem shareholders vote in favour of $10.6 bln Livent merger	Dec. 18	RE
Allkem investors approve Livent $10.6 bln merger on proxy votes	Dec. 18	RE
Transcript : Allkem Limited - Shareholder/Analyst Call	Dec. 18
Allkem shareholders set to vote on Livent's $10.6 bln merger bid	Dec. 18	RE
Allkem Signs Kapisikama Agreement to Develop James Bay Lithium Project	Dec. 15	MT

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Company Profile

Allkem Limited is a specialty lithium chemicals company with a global portfolio of lithium chemicals. The Company is principally engaged in mineral extraction, production, and chemical processing. The Company's segments include Olaroz, Mt Cattlin, James Bay, Sal De Vida projects, and Corporate. Its flagship Olaroz brine-based lithium facility is based in Northern Argentina and supplies lithium chemicals across the globe. The Mt Cattlin spodumene project (Mt Cattlin) produces spodumene concentrate utilizing conventional techniques to extract and process the resource. This wholly owned project is located two kilometers (km) north of the town of Ravensthorpe in Western Australia. The James Bay Project is located in northern Quebec, approximately 130 km east of James Bay and the Cree Nation of Eastmain community. Sal De Vida project is a tier one brine project, which is located in Catamarca Province on the Salar del Hombre Muerto. Its other project includes Cauchari mineral resource.

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