Gina Rinehart is back to upset yet another takeover of an Australian listed lithium producer, with reports she was in the market on Thursday buying shares in Azure Minerals.
It is understood that the mining billionaire was amassing the stake through Euroz Hartleys Group.
It is understood that the shares in Azure Minerals are being bought at $3.52 each.
The raid on the stock comes on the same day that Azure announced to the market it had reached a deal for lithium mining heavyweight SQM to buy the business for $1.6bn or $3.52 per share.
The offer involved a special provision where it could move to a takeover proposal from a scheme of arrangement structure should an interloper move to interfere in a deal by acquiring a stake of around 19 per cent.
As earlier reported by DataRoom, Mrs Rinehart and or Chris Ellison were expected to buy shares in the stock to frustrate the deal.
Both are believed to already have a minority holding.
Shares are being bought just weeks after the mining billionaire Mrs Rinehart raided the register of lithium producer Liontown Resources, buying a 19.9 per cent interest at up to $3 per share - the price offered by its suitor Albemarle.
Albemarle, as a result, abandoned its plan to buy Liontown, scared off by the prospect of dealing with Mrs Rinehart, who would be the kingmaker for the transaction.
Albemarle is understood to have faced challenges working with Chris Ellison on its Australian lithium processing venture.
Its decision to walk away from the Liontown offer came after there was no discussion between Albemarle and Mrs Rinehart over the transaction.
More to come.
Gina Rinehart is back to upset yet another takeover of an...
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| Open | High | Low | Value | Volume |
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| 12 | 6235 | $3.40 |
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| $3.41 | 6350 | 13 |
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| Last trade - 14.13pm 29/04/2024 (20 minute delay) ? |
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