Australian retail to coal mining company Wesfarmers Ltd. has offered to purchase lithium developer Kidman Resources, a partner in Mt Holland lithium project, in a $776 million deal.
As part of the transaction, Wesfarmers inked a process and exclusivity deed with Kidman to acquire all the shares of Kidman at $1.9 cash per share.
Wesfarmers noted that the takeover of Kidman Resources provides an opportunity for the company to develop a large-scale and high-grade lithium hydroxide project in Western Australia.
The company added that the move also creates a unique partnership with Chile-based Sociedad Quimica y Minera, which is Kidman Resources' joint venture partner.