24/08/2012 - 13:48

Talison snapped up for $700 million

24/08/2012 - 13:48

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Talison snapped up for $700 million
Workers at Talison's Greenbushes operation, around 250km south of Perth.

International chemicals and materials giant Rockwood Holdings has announced it will acquire Perth-based Talison Lithium in an all cash takeover worth C$724 million ($698 million).

Talison announced today that Rockwood would acquire all of its shares via scheme of arrangement, for $C6.50 ($6.27) each.

Talison's board of directors has unanimously recommended shareholders accept the offer, while major shareholder Resource Capital Fund, which holds a 36.8 per cent stake in the company, has also given its support to the scheme.

“Today marks a significant milestone in the history of Talison,” chairman Peter Robinson said.

“Rockwood is offering cash consideration representing an attractive premium for shareholders and allowing shareholders to realise immediate value for their Talison shares.

“This reflects positively on Talison's position in the global lithium market.”

Talison mines and processes lithium-bearing mineral spodumene at its Greenbushes operation, south of Perth.

The company is being advised by Macquarie Capital, which has backed the scheme as fair for shareholders from a financial point of view.

 

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