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Top shareholder Toyota 'quite positive' on Allkem-Livent tie-up - Allkem

Reuters
·1 min read

MELBOURNE, May 11 (Reuters) - Top Allkem Ltd shareholder Toyota is "quite positive" about a $10.6 billion tie-up plan with U.S.-based lithium chemicals maker Livent Corp , Allkem's CEO said on Thursday as shares in his Australian-listed company surged.

Allkem Ltd and Livent said on Wednesday they would combine in an all-stock deal to create the world's third-largest producer of lithium, a key metal for electric vehicle batteries.

Toyota Tsusho Corp, the Japanese automaker's trading arm, holds 6.16% of Allkem's shares. Toyota did not immediately respond to a request for comment.

"Toyota is aware of the transaction... it is quite positive, their reaction to the deal," Allkem CEO Martin Pérez de Solay told Reuters.

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"We are all looking forward jointly with them on a larger and deeper business relationship with the Toyota group," he added in an interview.

Shares in Allkem rallied as much as 13.6% when they opened on Thursday after news of the deal broke Wednesday after markets closed, sparking a rally in Australia-listed lithium stock.

Livent shares ended up 5.2% on the New York Stock Exchange. (Reporting by Melanie Burton and Yuka Obayashi.)