Australian Billionaire Rinehart Ramps Up Liontown Stake Amid Albemarle's $4.3B Bid: Report

Australian billionaire Gina Rinehart has reportedly increased her investment in lithium producer Liontown Resources LINRF again.

This strategic move could provide her with enough leverage to block U.S. miner Albemarle Corp's ALB proposed $4.3 billion takeover of the company, according to Reuters.

Related: Albemarle's Bold Move: Offers $4.3B For Lithium Miner Liontown Resources

The report added that Rinehart, Australia's wealthiest individual, has raised her stake to 16.7%. This increase in ownership not only boosts her influence over Liontown Resources but also allows her to sway key decisions.

The development highlights the intensifying battle for a company that owns one of the world's richest lithium deposits, essential for manufacturing electric vehicles and smartphones.

Liontown's Kathleen Valley project in Western Australia, a significant lithium deposit, has reportedly secured a deal to supply battery materials to U.S. car giant Ford Motor Company F.

Rinehart has not publicly disclosed her position on Albemarle's bid but has kept silent and consistently increased her Liontown stake, mentioned the report.

Also Read: From Ignoring Red Flags To Paying Millions: Chemicals Company Albemarle Settles Bribery Probe

Price Action: ALB shares are trading higher by 1.52% at $157.38 on the last check Friday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Photo Via Company