Do you think Gina has regrets?, page-15

No, the minute she goes over 20% she has to put in a takeover offer. The best she can do is buy 3% every 6 months as a creeping acquisition.

For the moment she seems to be happy enough acquiring 20% blocking stakes to keep lithium assets in Australian hands and as a long term investment, but if she's promised lithium to India she has a few problems. A 20% blocking stake doesn't guarantee you supply, and any explorers she might be looking at now are 7+ years from production at least - *and* they'll be on everyone else's radar for M&A as well. Getting lithium supply is not going to be easy. My wild guess is she'll wait until closer to production, creep a few more % in the meantime, and then try to get to 51% with a $3.20-$4.00 offer for LTR (depending on how the SP goes in the next 6 months), either Hancock going alone or as a JV with Albemarle.

(None of this could come true, DYOR)