3 ASX All Ordinaries shares rocketing over 14% on Thursday

Man pointing at a blue rising share price graph.Man pointing at a blue rising share price graph.

It’s a good day to be invested in these All Ordinaries Index (ASX: XAO) shares – they’re leaping as much as 17.5% at the time of writing.

And there appears to be a single driver of their gains. That is, a whopping plan to create a $15.7 billion lithium entity.

Right now, the All Ordinaries is down 0.2% at 7,434.3 points.

Let’s take a look at the news seemingly driving three ASX All Ordinaries shares sky-high on Thursday.

3 ASX All Ordinaries shares soaring more than 14% today

Allkem Ltd (ASX: AKE)

It’s a good day for ASX All Ordinaries lithium share Allkem ­– it’s leaping 15.8% right now to trade at $14.945. And for good reason.

The lithium favourite announced its plan to merge with Livent Corp (NYSE: LTHM) overnight.

After the all-scrip merger – expected to finalise later this year – the lithium producer born from their unification will be worth around $15.7 billion.

Allkem shareholders will retain around 56% of that company while Livent investors will walk away with a 44% interest.

Galan Lithium Ltd (ASX: GLN)

The news appears to be putting wind under the wings of many All Ordinaries lithium shares today.

Galan Lithium stock is currently the index’s best performer, having gained 17.5% to trade at $1.21 at the time of writing.

Such gains might suggest the market believes the company behind two projects in Argentina’s Hombre Muerto Salar and another in Western Australia could also be a target for merger and acquisition activity.

Lake Resources N.L. (ASX: LKE)

Meanwhile, the Lake Resources share price is in third position on the All Ordinaries right now, rising 14.7% to reach 58.5 cents.

Its gains are also likely a reflection of Allkem’s merger plan. However, the boost isn’t nearly enough to put the stock back into the longer-term green.

Shares in the company behind the Kachi Lithium Project have plummeted 24% since the start of 2023 and 60% over the last 12 months.

The post 3 ASX All Ordinaries shares rocketing over 14% on Thursday appeared first on The Motley Fool Australia.

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Motley Fool contributor Brooke Cooper 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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