Caixin
Nov 19, 2021 07:17 PM
BUSINESS

CATL Loses Bid to Buy Millennial Lithium to Canadian Mining Company

Lithium-ion batteries developed by CATL sit on display at a trade fair on Sept. 8 in Xiamen, East China’s Fujian province. Photo: VCG
Lithium-ion batteries developed by CATL sit on display at a trade fair on Sept. 8 in Xiamen, East China’s Fujian province. Photo: VCG

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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