Galaxy Resources to Buy General Mining in Lithium Takeover
Galaxy Resources Ltd., an Australian lithium developer, agreed to acquire joint-venture partner General Mining Corp. in a deal that values its target at A$216 million ($155 million). Shares in the two companies surged.
Perth-based Galaxy offered 1.65 new shares for each General Mining share it doesn’t already own, it said in a statement Monday. The boards of both companies unanimously support the merger, according to the statement. The combined entity will have hard-rock and brine-based lithium projects in Australia, Canada and Argentina..
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