Prime shareholder Toyota ‘fairly constructive’ on Allkem-Livent tie-up

© Reuters. FILE PHOTO: Lithium producer Livent Corp’s processing plant is seen in Belmont, Gaston County, North Carolina, U.S. July 15, 2021. Image taken July 15, 2021. REUTERS/Ernest Scheyder/File Photograph

MELBOURNE (Reuters) – Prime Allkem Ltd shareholder Toyota is “fairly constructive” a few $10.6 billion tie-up plan with U.S.-based lithium chemical substances maker Livent (NYSE:) Corp, Allkem’s CEO stated on Thursday as shares in his Australian-listed firm surged.

Allkem Ltd and Livent stated on Wednesday they might mix in an all-stock deal to create the world’s third-largest producer of lithium, a key steel for electrical car batteries.

Toyota Tsusho Corp, the Japanese automaker’s buying and selling arm, holds 6.16% of Allkem’s shares. Toyota didn’t instantly reply to a request for remark.

“Toyota is conscious of the transaction… it’s fairly constructive, their response to the deal,” Allkem CEO Martin Pérez de Solay instructed Reuters.

“We’re all trying ahead collectively with them on a bigger and deeper enterprise relationship with the Toyota group,” he added in an interview.

Shares in Allkem rallied as a lot as 13.6% after they opened on Thursday after information of the deal broke Wednesday after markets closed, sparking a rally in Australia-listed lithium inventory.

Livent shares ended up 5.2% on the New York Inventory Alternate.

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