Ningde-based Contemporary Amperex Technology (CATL), the world’s largest EV battery maker, was mystery suitor behind a $377 million offer for Millennial Lithium Corp
., as Chinese firms continue to heat up the bidding war for the Canadian miner. In July, China’s Ganfeng Lithium Co. announced plans to buy Millennial at $3.60 per share, suggesting a valuation of $353 million. However, on 8 September, Vancouver-based Millennial said that it has received a new, unsolicited offer of $3.85 per share from a foreign lithium battery production company, whose name was not revealed at the time.
According to Financial Post, the mystery bidder behind the $377 million offer has now been identified as CATL, as the news agency cited people with knowledge of the matter who did not wish to be identified as the information is private.
This means that Contemporary Amperex is the latest to join a host of Chinese firms which have shown interest in Millennial’s assets, including China Molybdenum Co., the largest molybdenum producer in Mainland China. A representative for the company said it has always paid attention to investment opportunities for energy metals including lithium, although he declined to comment on a potential bid for Millennial.
According to a statement issued by the Canadian miner, it has notified Ganfeng regarding the new offer, which it considered to be a superior proposal, and has given Ganfeng time until 27 September to amend its existing agreement.
