Hong Kong- and Shenzhen-listed lithium producer Tianqi Lithium [SHE:002466] is in talks to acquire all of private-equity-backed Toronto- and NASDAQ-listed Sigma Lithium Corp’s [NASDAQSGML] mines, according to three sources familiar with the matter and a source with knowledge of the matter.
Jiangxi, China-headquartered Ganfeng Lithium [SHE:002460], which is Hong Kong- and Shenzhen-listed, is separately also preparing to bid for the mines, according to the first two sources familiar.
State-owned Hong Kong-listed, Xiamen-based copper-and-gold miner Zijin Mining Group is also considering a bid, said the first source familiar.
However, it would be unlikely for three Chinese companies to formally all bid concurrently for the same asset, the source with knowledge said, noting that this is unofficially discouraged by Beijing authorities to prevent pushing up the asset price.
Tianqi expects to bid USD 4bn-USD 5bn, said one of the sources familiar. Sigma had a market cap of USD 3.5bn based on yesterday’s (16 March) closing price.
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