CATL Loses Bid to Buy Millennial Lithium to Canadian Mining Company

Chinese battery-maker Contemporary Amperex Technology Co. Ltd. (CATL) (300750.SZ) has lost its bid to acquire Canada’s Millennial Lithium Corp., as it seeks to expand its production capacity for electric-vehicle batteries.
Canadian resource company Lithium Americas Corp. will pay C$4.70 ($3.73) in stock and cash for each common share of Millennial, totaling approximately $400 million, representing a premium of about 22.1% over CATL’s previous offer, according to a statement from Millennial Lithium on Wednesday.
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