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Industry Discussions / Renewable Energy
|Subject: Talison getting acquired||Date: 8/23/2012 12:15 PM|
|Author: TomFoolNC||Number: 18030 of 18504|
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] Rockwood offers C$6.50/shr
* Offer at 53 pct premium to Talison's Wednesday close
* Rockwood sees deal strengthening its lithium business
* Talison shares up 52 pct at 18-month high; Rockwood down 3 pct
Aug 23 (Reuters) - Specialty chemicals producer Rockwood Holdings Inc agreed to buy Talison Lithium Ltd for C$724 million ($729 million) to boost its output of lithium used in batteries and smartphones.
Demand for lithium batteries has risen in recent years as they are more efficient and help cut carbon emissions. The rising popularity of smartphones has also helped drive up prices of the metal.
Rockwood, whose peers include Kronos Worldwide Inc, Sensient Technologies Corp, WR Grace and Co and Valhi Inc, has said it expects battery-grade lithium products to show double-digit sales growth this year.
Lithium business accounted for 14 percent of Rockwood's June quarter sales of $905.6 million.
Talison Lithium exports over 350,000 tonnes of lithium products annually, according to the company's website.
The company's Greenbushes operations in Western