Charts, page-708

I agree takeover is very unlikely from Ganfeng. But for some other lithium players, to acquire LLL is actually not a bad idea, for instance, AKE, only diluting around 10% for a potentially massive future earning incremental, a big plus for their future earning prospective, imo.
As the stage 2 is likely to expand to 1mtpa, then additional 250ktpa SC6 is available for potential suitor(s). The 250ktpa SC6 is big, CXO's annual production capacity is 160ktpa. SYA & PLL's NAL annual production capacity is around 220ktpa. So 250ktpa un-contracted spodumene concentrates, are very attractive, imo.