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CORRECT(Dec 17): Bacanora Lithium takeover by Ganfeng unconditional

Mon, 20th Dec 2021 13:06

(Adding that Ganfeng requires 75% in acceptances for Bacanora Lithium to delist)

Bacanora Lithium PLC - developer of Sonora lithium project in Mexico - Acquisition by Ganfeng International Trading (Shanghai) Ltd has become unconditional, following the satisfaction of the Mexican Antitrust Clearance condition.

Ganfeng now requires acceptances from 75% of Bacanora shareholders for the company to apply for its shares on AIM to be cancelled. Ganfeng currently has irrevocable undertakings from 283.9 million shares, reflecting 74% of Bacanora's issued share capital.

In August, the two reached an agreement on recommended cash offer worth 73.6 pence per Bacanora share. It valued Bacanora at around GBP284.8 million.

Current stock price: 66.88 pence

Year-to-date change: up 4.5%

By Dayo Laniyan; dayolaniyan@alliancenews.com

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CORRECT(Dec 17): Bacanora Lithium takeover by Ganfeng unconditional

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