Tianqi Lithium Scraps Share Sale After Exchange Questions Plan

Tianqi Lithium Scraps Share Sale After Exchange Queries Plan
Bloomberg
1/18/2021
Bloomberg News
© Bloomberg
Lithium ore moves along a conveyor at a Talison Lithium Ltd. facility, a joint venture between Tianqi Lithium Corp. and Albemarle Corp., in Greenbushes, Australia, on Thursday, Aug. 3, 2017. Rising Chinese demand for lithium-ion batteries needed for electric vehicles and energy storage is driving significant price gains and an asset boom in Australia, already the world's largest lithium producer.
(Bloomberg) -- Tianqi Lithium Corp. halted a private share-sale plan after a Chinese exchange queried the deal.
The company said Sunday it had terminated the plan, announced Friday, that would see it raise as much as 15.9 billion yuan ($2.5 billion) by issuing stock to controlling shareholder Chengdu Tianqi Industry Group Co. at 35.94 yuan per share -- about 40% below its last closing price. Tianqi said it scrapped the deal to avoid short-swing trading and protect the interests of smaller shareholders.

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