I agree that some M&A is to be expected. But I am not sure of...

I agree that some M&A is to be expected. But I am not sure of the candidates you mentioned. Livent needs to grow to keep relevant. Production capacity is not large enough. Market cap is roughly the same as PLS. That would be a merger of "equals". But Livent is good on brine production and producing battery quality chemicals. I don´t see it as a fit.

Lithium Americas (is my second largest holding after PLS ). They are not yet producing but have two large quality resources. Cauchari-Olaroz in Arg is going to start producing next year 40ktpa carbonate (LAC has 49%). Thacker Pass in Nevada IMO is a monster in the making. I don´t see the need for them to go with PLS nor PLS in the position to acquire LAC. There has to come a bigger fish to take LAC.

Given the shareholder structure of PLS with large members of the Battery supply chain (CATL, Ganfeng, Posco, MinRes) as shareholders I don't see anybody acquiring PLS.

But most likely I will be surprised by what happens and completely wrong....