News Last Month
Highlights
- Billionaire torpedoed $4.2 Billion Albemarle deal earlier this month
- Lithium developer Liontown to raise funds after Albemarle dumps $4.2 Billion bid
- Hancock Prospecting threatened to torpedo a deal by the world’s second biggest lithium chemicals maker for an Australian lithium miner.
- Neal Sheorey is the new CFO, chief financial officer
- Albemarle declared a quarterly dividend of $0.40 per share.
- Albemarle Corporation announced it has closed on the restructuring of its MARBL joint venture with Mineral Resources Limited
Billionaire torpedoed $4.2 Billion Albemarle deal earlier this month
Lithium developer Liontown to raise funds after Albemarle dumps $4.2 Billion bid
Hancock Prospecting threatened to torpedo a deal by the world’s second biggest lithium chemicals maker for an Australian lithium miner.
Hancock Prospecting, owned by Australia’s richest person Gina Rinehart, threatened on Friday to torpedo a deal by the world’s second biggest lithium chemicals maker, Chile’s SQM SQMA.SN, for an Australian lithium miner. Hancock Prospecting, an iron ore miner, has built up a stake of 18.3% in Azure Minerals AZS.AX, which is developing the Andover project in Western Australia, a filing to the Australian securities exchange showed on Friday.
It is the second time in as many weeks that Hancock has blindsided a potential acquirer of Australian assets by amassing an apparent blocking stake in the target company. The stake in Azure puts at risk a deal by Sociedad Quimica y Minera de Chile S.A. (SQM), which – backed by Azure’s board – offered on Thursday to buy the shares in the developer that it did not already own.
“While Andover shows good prospects, it has a long path and significant risks to navigate before its ultimate potential is known. Hancock is an established West Australian company with the capacity to support and expedite development,” Hancock said in a statement to Reuters.
Regarding Hancock’s decision, SQM chose not to comment.
The world’s largest producer of lithium compounds, Albemarle ALB.N, withdrew its $4.2 billion bid for Liontown Resources LTR.AX less than two weeks ago due to “growing complexities” when Hancock appeared on the company’s registration as a 19.9% interest.
According to a report by broker Canaccord, SQM’s scheme of arrangement deal for Azure has the implicit support of about 43% of voting shareholders, out of the necessary 75%.
In the event that the plan of arrangement fails, SQM additionally provided an off-market takeover option in which the money would go straight to the shareholders. Analysts said that was a back up if a “interloper” should emerge. The scheme of arrangement is contingent on no other shareholder acquiring a stake of 19% or more.
“(Whether) this suggests Hancock just wants to partner (i.e. hasn’t gone to 19%) or is gearing up for more, remains to be seen,” Canaccord’s Paul Howard said.
“SQM may have expected this, hence it included the Takeover in the deal as a fallback.”
The world’s largest producer of lithium compounds, Albemarle ALB.N, withdrew its $4.2 billion bid for Liontown Resources LTR.AX less than two weeks ago due to “growing complexities” when Hancock appeared on the company’s registration as a 19.9% interest.
According to a report by broker Canaccord, SQM’s scheme of arrangement deal for Azure has the implicit support of about 43% of voting shareholders, out of the necessary 75%.
In the event that the plan of arrangement fails, SQM additionally provided an off-market takeover option in which the money would go straight to the shareholders. Analysts said that was a back up if a “interloper” should emerge. The scheme of arrangement is contingent on no other shareholder acquiring a stake of 19% or more.
Neal Sheorey is the new CFO, chief financial officer
The largest lithium producer in the world, Albemarle ALB.N, said that Neal Sheorey will take over as chief financial officer, succeeding Scott Tozier.
Sheorey’s appointment will take effect on November 6th, and Tozier will assume the post of strategic adviser to the CEO, according to the firm.
Sheorey, who most recently served as vice president of the coatings & performance monomers business unit at Dow Dow DOW.N, is joining Albemarle following a 20-year career with the chemicals manufacturer.
Sheorey served as the vice president of investor relations, senior director of corporate development, and director of global finance for the chemicals business group at Dow before to taking on his present position.
Albemarle declared a quarterly dividend of $0.40 per share.
The Albemarle Corporation (NYSE: ALB) Board of Directors has announced the declaration of a $0.40 quarterly dividend per share. The dividend is due to shareholders of record as of December 15, 2023, at the close of business, on January 2, 2024, with an annualized rate of $1.60.
Albemarle Corporation announced it has closed on the restructuring of its MARBL joint venture with Mineral Resources Limited
Albemarle Corporation (NYSE: ALB), a global leader in providing essential elements for mobility, energy, connectivity, and health, announced today it has closed on the restructuring of its MARBL joint venture with Mineral Resources Limited (ASX: MIN.AX) announced earlier this year after receiving the required regulatory approvals.
The amended agreements were entered into by the parties to further simplify commercial arrangements. Albemarle now has 100% ownership of the Kemerton lithium hydroxide processing facility in Australia and retains full ownership of its Qinzhou and Meishan lithium processing facilities in China.
Other key aspects of the revised agreements include the April 1, 2022, economic effective date (EED) and joint ownership of the Wodgina mine, with Albemarle and Mineral Resources each owning a 50% share and Mineral Resources serving as the operator.
Albemarle expects to pay Mineral Resources US$380 – 400 million which includes net consideration for the estimated EED settlement adjustments and the remaining 15% ownership of Kemerton.
About Albemarle
Albemarle Corporation is a global developer, manufacturer and marketer of specialty chemicals. The Company operates through three segments: Energy Storage, Specialties and Ketjen. The Energy Storage business contributes to the growth of clean miles driven with electric vehicles and more efficient use of renewable energy through grid storage. Its Specialties segment enables the prevention of fires starting in electronic equipment, greater fuel efficiency from rubber tires and the reduction of emissions from coal-fired power plants. The Ketjen business creates efficiency of natural resources through more usable products from a single barrel of oil, enables safer, greener production of alkylates used to produce more environmentally friendly fuels, and reduced emissions through cleaner transportation fuels. It serves the markets, such as serve include energy storage, petroleum refining, consumer electronics, construction, automotive, lubricants, pharmaceuticals and crop protection.
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Market Overview
ALBEMARLE (Trade Price) ended the day at 134.440, down -0.770. Bollinger Bands were 34% wider than usual and volume was 24% below average (neutral).
Technical Outlook
Short Term: Oversold
Intermediate Term: Bearish
Long Term: Bearish
ALBEMARLE (Trade Price) is trending down and is presently 36.0% below its 200-period moving average. In comparison to the average volatility over the last ten periods, volatility is high. Our volume indicators show modest (mildly bearish) volume flows out of ALB. For the past 27 periods, our trend predicting oscillators have been pessimistic about ALB. As of right now, our momentum oscillator suggests that ALB is overbought. Our momentum oscillator has not reached a new 14-period low, but the security price has.
Trend Analysis
Arons
Today saw the generation of no argon signals. Six period(s) have passed since the last signal.
An indication of direction
Today saw the generation of no signals from Directional Indicators. Seven period(s) ago was the most recent signal.
Macro
Today, no MACD indications were created. A sell six period(s) ago was the most recent indication.
Pause, then Reverse (SAR)
Today saw the generation of no SAR signals. Seven period(s) ago was the most recent signal.
In brief
As of right now, the ALBEMARLE (Trade Price) market is quite bearish.
Candlesticks
Because prices closed lower than they opened, there was a black body.
There have been 3 white candles and 7 black candles throughout the last 10 bars, for a net total of 4 black candles. There have been 18 white candles and 32 black candles throughout the last 50 bars, for a net total of 14 black candles.
In the past three days, there have been three black candles. Despite the fact that these candles were too little to form three black crows, the pattern’s consistent decline is negative.
Bollinger Bands by MetaStock
ALBEMARLE (Trade Price) closed 12.1% above the bottom band on October 27, 2023.
Bollinger Bands have an abnormal width of 9.63%. There is no clear indication of future volatility or price movement based only on the breadth of the bands as they currently stand.
There aren’t any trading possibilities at this moment, according to the current price activity around the bands in comparison to the Relative Strength Index (RSI).
