Reuters: Hot Stocks: UPDATE 1-Talison's Chinese suitor gets regulator nod, shares up

Reuters: Hot Stocks Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

UPDATE 1-Talison's Chinese suitor gets regulator nod, shares up Nov 23rd 2012, 14:52 Fri Nov 23, 2012 9:52am EST * China's Tianqi gets Australian approval for 100 pct takeover * Talison shares rise 2.95 percent to C$6.98 on TSX (Adds details, shares) Nov 23 (Reuters) - Talison Lithium Ltd said on Friday that its Chinese suitor Chengdu Tianqi Industry Group Co has secured Australian regulatory approval for its proposed takeover, sending shares of the lithium producer up nearly 3 percent. The nod from Australian regulators comes just two days after rival suitor Rockwood Holdings Inc said it was not interested in a bidding war. Talison adjourned a meeting to vote on Rockwood's offer until Dec. 13. Perth-based, Toronto-listed Talison also said it was continuing talks with China's Tianqi on its C$7.15-a-share offer, which values Talison at C$806 million ($807.57 million). That offer is 65 Canadian cents higher than U.S.-based chemical producer Rockwood's C$6.50 per-share bid, which was approved by Australian regulators earlier this week. Talison, the world's largest pure play lithium producer, recently completed an expansion at its flagship mine in Australia and now has the capacity to produce nearly two-thirds of current global demand for lithium carbonate, which is used in smartphone and hybrid car batteries. Shares of Talison were up 2.95 percent at C$6.98 on Friday morning on the Toronto Stock Exchange. ($1 = 0.9981 Canadian dollars) (Reporting by Julie Gordon in Toronto and Ankur Banerjee in Bangalore; Editing by Don Sebastian and Gerald E. McCormick) Link this Share this Digg this Email Reprints

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions