- Lithium Power International (ASX:LPI) is set to be acquired by Chilean state-owned copper miner Codelco
- This arrangement involves the acquisition of 100% of LPI’s share capital by Salar de Maricunga SpA
- Shraehedolers are to receive 57c ea for every share held
- LPI last traded at 56.8c, at 11:45am AEDT
Lithium Power International (ASX: LPI) has officially submitted to the Australian Securities and Investments Commission (ASIC) documents to progress its planned takeover by a Chilean government-linked miner.
This follows yesterday’s announcement where the Federal Court of Australia approved the proposed scheme of arrangement.
The arrangement entails the acquisition of 100% of LPI’s share capital by Salar de Maricunga SpA, a wholly-owned subsidiary of Corporación Nacional del Cobre de Chile.
Referred to as Codelco in english, that company is effectively’s Chile’s state-owned copper miner.
The South American nationalised player has been picking up lithium assets in recent history with increasing gusto.
In response to these developments, the trading of LPI Shares on the ASX is expected to be suspended at the close of today’s trading session.
As per the scheme’s terms, shareholders will receive 57 cents in cash for each LPI Share they possess.
The implementation of the scheme and the disbursement of the Scheme Consideration to LPI Shareholders are anticipated to occur on Thursday, March 14, 2024.
LPI last traded at 56.8c, at 11:45am AEDT.