UK-listed Bacanora Lithium has agreed to a cash offer valuing it at £284.8m from China’s Ganfeng Lithium, in a deal that hands China’s largest lithium producer control over a mine in Mexico.
Ganfeng said it had secured a letter of support from Bacanora’s second-largest shareholder, M&G, which owns 14 per cent of the company. Ganfeng, which needs 50 per cent of shareholders to support the deal, already owns a 29 per cent stake in Bacanora.
The 67.5p a share offer had been opposed when first announced in early May. Small shareholders said it undervalued Bacanora despite the Chinese group offering a 50 per cent premium to Bacanora’s closing share price on May 5.
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