Chengdu Tianqi Industry Group Co., a closely held Chinese maker of battery chemicals, said the Australian government cleared its proposed C$806 million ($808 million) takeover of Talison Lithium Ltd.
Chengdu Tianqi was advised by Australia’s Foreign Investment Review Board that it had no objections, the Chengdu, Sichuan Province-based company said today in a statement. The company said it can now proceed with a purchase of 5.73 million Talison shares to bring its stake to 20 percent.
Chengdu Tianqi made its unsolicited C$7.15-a-share bid for Perth, Australia-based Talison on Nov. 19, trumping an agreed C$6.50-a-share offer from Rockwood Holdings Inc. (ROC:US) that was announced in August. The bidders are vying for one of the four companies that control most of the world’s production of lithium, a metal used in batteries for electric cars and laptop computers.
Talison said today that it postponed Nov. 29 meetings for investors to vote on the offer from Princeton, New Jersey-based Rockwood until Dec. 13. Talison said separately that it’s still in talks with Chengdu Tianqi.
Talison rose 2.5 percent to C$6.95 at 9:57 a.m. in Toronto.
Chengdu Tianqi said Nov. 19 it has Chinese government approvals for the deal. Rockwood said Nov. 21 its own bid is the company’s best and final offer.
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