New face in Albemarle tent for $6.6b Liontown bid
Look who’s got a gig in one of the biggest lithium deals going. It’s Barrenjoey Capital Partners, now working alongside JPMorgan on behalf of Albemarle for the company’s $6.6 billion takeover offer lobbed at Liontown Resources.
Barrenjoey veteran banker Matthew Grounds. Ryan Stuart
Albemarle, the world’s largest lithium producer by market capitalisation, upped its non-binding offer to $3 a share from $2.50 a share on Monday. The revised proposal is subject to due diligence, which has been granted.
“The intention of the Liontown board is to unanimously recommend shareholders vote in favour of the proposal in the absence of a superior proposal,” the company said in a statement.
Liontown’s shares jumped 9 per cent following the revised bid to $2.85. It closed on Friday at $2.62.
Barrenjoey’s entry lends some local beef to the fight. JPMorgan’s team is acting as lead financial adviser with Barrenjoey also serving as financial adviser. Corrs Chambers Westgarth and Shearman & Sterling have come on as legal advisers.
Greenhills, UBS and Allens are advising Liontown.
The role is Barrenjoey Perth’s biggest lithium deal since it established a West Australian office in May 2021. The investment bank has also been retained on defence for $1.2 billion WA lithium explorer Azure Minerals.
The outpost is led by former Barclays managing director and Australian co-head Paul Early and former Goldman Sachs head of metals and mining Peter Watson, assisted by a team of around eight bankers.
The pair have been busy building relationships in the mining scene, kicking off a $450 million raise for Liontown alongside Macquarie Capital and Bell Potter later that year.
JPMorgan has been seen on Newmont Corporation’s $24.5 billion bid for Newcrest
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