The Liontown Resources Ltd (ASX: LTR) share price is pushing higher again on Friday.
In morning trade, the lithium developerâs shares are up 3% to $2.67.
This means the Liontown share price is now up 74% since the end of last week.
Why is the Liontown share price pushing higher again?
The Liontown share price is pushing higher on Friday after the company revealed that Albemarle has been increasing its stake.
After having its $2.50 per share non-binding takeover offer rejected earlier this week, the lithium giant has continued to snap up shares.
When the takeover approach was made, Liontown revealed that an Albemarle subsidiary, RT Lithium, had been buying shares and held ~2.2% of Liontownâs issued shares.
According to todayâs update, Albemarle has notified the company that it has now almost doubled its relevant interest to ~4.3% of Liontown shares.
Not giving up
The release also appears to indicate that Albemarle is not happy with Liontownâs rejection of its takeover proposal.
The lithium giant has requested a copy of the Liontown share register. This is for the purpose of contacting Liontown shareholders about its proposal. It may be wanting to drum up support for its offer from retail shareholders.
For now, the Liontown board has advised that it will continue to keep shareholders appropriately informed. It also stressed that, as previously announced, the company has rejected the Albemarle proposal, therefore shareholders do not need to take any action at this time.
It would seem that this is very unlikely to be the end of the story.
The post Liontown share price climbs as Albemarle continues loading up appeared first on The Motley Fool Australia.
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More reading
- Attention lithium investors: This ASX 200 mining billionaire says Australia could become a battery chemical manufacturing powerhouse
- Best ASX lithium share to buy: Liontown Resources vs. Pilbara Minerals
- Here are the 3 most heavily traded ASX 200 shares on Wednesday
- Which ASX lithium shares could be at risk of a short attack?
- Top brokers name 3 ASX shares to buy today
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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