Australian miners Orocobre, Galaxy to create $4 billion lithium giant

Orocobre and Galaxy Resources, two of Australia’s top lithium producers, have agreed to a $4 billion merger amid soaring prices and a brighter demand outlook for the key raw material in electric vehicle batteries.

Galaxy shareholders would receive 0.569 Orocobre shares for each Galaxy share, the companies said. Orocobre shareholders would ultimately own 54.2 per of the combined entity and Galaxy shareholders will own the remaining 45.8 per cent. The scheme has been unanimously supported by the Galaxy board, subject to an independent report and no superior proposal emerging.

Australia is the world’s top exporter of lithium, the ingredient in lithium-ion batteries that power electric cars and store renewable energy, accounting for 55 per cent of supply.

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