ALBEMARLE WITHDRAWS NON-BINDING OFFER TO ACQUIRE LIONTOWN RESOURCES

Rhea-AI Summary

Albemarle Corporation withdraws offer to purchase Liontown Resources Limited

CHARLOTTE, N.C., Oct. 15, 2023 /PRNewswire/ -- Albemarle Corporation (NYSE: ALB), a global leader in providing essential elements for mobility, energy, connectivity and health, announced today it will not pursue a binding agreement to purchase Liontown Resources Limited (ASX:LTR) and has formally withdrawn its non-binding offer to Liontown's Board of Directors. 

The decision comes as Albemarle nears the end of its exclusive due diligence process. 

"Our engagement with the Liontown team has been meaningful and productive. We appreciate the level of cooperation we have received, and we thank the entire team for their efforts," said Kent Masters, CEO of Albemarle. "That said, moving forward with the acquisition, at this time, is not in Albemarle's best interests."   

The company noted growing complexities associated with the proposed transaction as a factor in its decision.    

Today's announcement is consistent with Albemarle's disciplined approach to capital allocation and the company will continue to execute its long-term growth strategy. Planned expansions to deliver volumetric growth continue to progress across the company's global portfolio. Albemarle's capital allocation priorities remain investing in high-return organic and inorganic growth, maintaining its financial flexibility and investment grade credit rating, and funding its dividends.   

Albemarle is one of Australia's biggest lithium investors, with mining assets at Wodgina and Greenbushes, and with the Kemerton lithium hydroxide plant, which is currently undergoing a significant expansion. 

About Albemarle
Albemarle Corporation (NYSE: ALB) leads the world in transforming essential resources into critical ingredients for mobility, energy, connectivity, and health.  We partner to pioneer new ways to move, power, connect and protect with people and planet in mind.  A reliable and high-quality global supply of lithium and bromine allows us to deliver advanced solutions for our customers. Learn more about how the people of Albemarle are enabling a more resilient world at Albemarle.com and on Twitter @AlbemarleCorp. 

Albemarle regularly posts information on our website, including notification of events, news, financial performance, investor presentations and webcasts, non-GAAP reconciliations, SEC filings and other information regarding the company, its businesses, and the markets we serve. 

Forward-Looking Statements 
This press release contains statements concerning our expectations, anticipations, and beliefs regarding the future, which constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, which are based on assumptions that we have made as of the date hereof and are subject to known and unknown risks and uncertainties, often contain words such as "anticipate," "believe," "estimate," "expect," "guidance," "intend," "may," "outlook," "should," "would," and "will". Forward-looking statements may include statements regarding: Albemarle's long-term growth strategy, planned expansions, capital allocation priorities, and all other information relating to matters that are not historical facts. Factors that could cause Albemarle's actual results to differ materially from the outlook expressed or implied in any forward-looking statement include the factors detailed in the reports Albemarle files with the SEC, including those described under "Risk Factors" in Albemarle's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which are available on the investor section of Albemarle's website (investors.albemarle.com) and on the SEC's website (www.sec.gov). These forward-looking statements speak only as of the date of this press release. Albemarle assumes no obligation to provide any revisions to any forward-looking statements should circumstances change, except as otherwise required by securities and other applicable laws.  

Media Contacts:
Paul Ryan, Citadel MAGNUS, +61 409 296 511, pryan@citadelmagnus.com
Michael Weir, Citadel MAGNUS, +61 402 347 032, mweir@citadelmagnus.com 
Andrew Siegel, Joele Frank, +1 (212) 355-4449, asiegel@joelefrank.com

Investor Relations Contact:
Meredith Bandy, +1 (980) 999-5768, meredith.bandy@albemarle.com 

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SOURCE Albemarle Corporation

FAQ

Why did Albemarle withdraw its offer to purchase Liontown Resources Limited?

Albemarle cited growing complexities associated with the proposed transaction as a factor in its decision.

What are Albemarle's capital allocation priorities?

Albemarle's capital allocation priorities include investing in high-return organic and inorganic growth, maintaining its financial flexibility and investment grade credit rating, and funding its dividends.

What mining assets does Albemarle have in Australia?

Albemarle has mining assets at Wodgina and Greenbushes in Australia.

What expansion project is Albemarle currently undergoing?

Albemarle is currently undergoing a significant expansion of its Kemerton lithium hydroxide plant.