3 ASX 200 shares cracking multi-year highs on Tuesday

The S&P/ASX 200 Index (ASX: XJO) is steaming ahead today, up 1.14% to 7,041.5 points.

ASX energy stocks and materials stocks are leading the market today. The S&P/ASX 200 Energy Index (ASX: XEJ) is up 3.94% and the S&P/ASX 200 Materials Index (ASX: XMJ) is up 2.27%.

Among the best-performing ASX 200 shares are these three businesses hitting multi-year highs today.

Liontown Resources Ltd (ASX: LTR)

The leader among all ASX 200 shares today is lithium stock Liontown Resources, with its share price up 57.38% to $2.40. In earlier trading, the ASX 200 stock was up by more than 60% and hit an all-time record high of $2.45.

Liontown told the ASX the news today that it has received and rejected a takeover offer from global lithium giant Albemarle (NYSE: ALB).

This is Albermale’s third attempt in six months to buy Liontown. It increased its offer price this time around to $2.50 per share. It offered Liontown $2.20 per share on 20 October 2022 and $2.35 per share on 3 March.

Liontown is among the 10 most shorted ASX shares, with 8.7% of its stock shorted by traders.

United Malt Group Ltd (ASX: UMG)

The United Malt Group share price is up by 31.25% at $4.515 per share. In earlier trading, the ASX 200 share hit a new 52-week high of $4.64 per share.

The maltster came out of a trading halt today, releasing its official response to a takeover proposal from French company Malteries Soufflet, which is the second-largest maltster in the world.

Malteries Soufflet is offering to acquire all United Malt Group shares for $5 per share in cash. That’s 45% above the United Malt share price at Friday’s close.

Brambles Limited (ASX: BXB)

The Brambles share price is currently up 0.07% to $13.51. In earlier trading, the ASX 200 share reached an all-time high of $13.65.

There is no official news relating to the ASX 200 share today. However, as my Fool colleague Tony reports, top broker Wilson’s reckons Brambles offers the rare combination of defensive and growth characteristics.

Equity analyst Anna Milne said:

We do think the pricing momentum is going to continue. The focus on profitability is only going to grow over the coming year.

Given all the market volatility, it’s around anything that’s earning US dollars. So that’s a watch for us, but operationally, Brambles is still a buy.

The post 3 ASX 200 shares cracking multi-year highs on Tuesday appeared first on The Motley Fool Australia.

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More reading

• Why are ASX lithium shares going gangbusters on Tuesday?
• Why is the Core Lithium share price rocketing 19% on Tuesday?
• The whopper Wesfarmers dividend is being paid today. Here’s what you need to know
• Why is the Pilbara Minerals share price rebounding 14% today?
• United Malt share price rockets 32% on $1.5 billion takeover approach

Motley Fool contributor Bronwyn Allen 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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