UK Takeover Panel Suspends Timetable on Ganfeng's Offer for Bacanora Lithium
22 Outubro 2021 - 2:21PM
Dow Jones News
By Anthony O. Goriainoff
Bacanora Lithium PLC and Ganfeng International Trading
(Shanghai) Co. said late Friday that the U.K. Takeover Panel has
suspended the timetable on Ganfeng's offer for all of Bacanora
Lithium's issued share capital until a clearance condition is
satisfied or waived by Mexico.
Ganfeng--which is a wholly owned subsidiary of Chinese lithium
producer Ganfeng Lithium Co.--said the offer was conditional, among
other things, on the satisfaction or waiver of the Mexican
Antitrust Clearance condition. The company said this condition
related to an official authorization or regulatory clearance for
the purposes of the U.K. Panel's code.
It added that as of 1500 GMT on Friday the Mexican Antitrust
Clearance Condition had neither been waived nor satisfied, and that
the Mexican Federal Economic Competition Commission was currently
considering the matter.
Furthermore the FECC was in active discussions with both
companies, who were providing the regulator with further
information, Ganfeng said.
Ganfeng said it anticipated that the suspended timetable for the
offer will resume on the date on which the Mexican Antitrust
Clearance condition is satisfied or waived, and that each of the
offer's conditions, including the clearance condition, must be
satisfied or waived by Dec. 31.
On May 6, Bacanora and Ganfeng International said they had
entered into an agreement for a possible cash offer by Ganfeng
International for the company. On that date Ganfeng offered 67.5
pence a share to take over Bacanora.
Write to Anthony O. Goriainoff at
anthony.orunagoriainoff@dowjones.com
(END) Dow Jones Newswires
October 22, 2021 13:06 ET (17:06 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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