(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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