Billionaire Gina Rinehart has staged yet another raid on lithium miner Liontown Resources’ shares, wrangling a stake which could afford her the power to disrupt US giant Albemarle’s $6.6 billion takeover.
Liontown’s chair Tim Goyder remains the company’s largest shareholder with a 15 per cent interest, but now by only a razor-thin margin. Liontown’s shares have continued to hover around the $3 mark in recent weeks, giving the company a market capitalisation of $6.62 billion.AdvertisementLiontown chief executive Tony Ottaviano attempted to quell concerns, insisting the company remained confident the project would begin first production by mid-2024.
In September, Liontown’s board voiced its intention to unanimously recommend shareholders vote in favour of the chemicals giant’s takeover bid, provided it did not receive a superior proposal.
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