Chinese battery giant to acquire Atlantic Lithium in $210m deal

Atlantic Lithium Ltd (AIM:ALL, ASX:A11, OTCID:ALLIF), the Africa-focused lithium explorer, has agreed to a takeover by Zhejiang Huayou Cobalt, a Chinese new energy materials company, in an all-cash deal valuing the company at approximately $210 million. Huayou will acquire all issued shares at a 26.6% premium to Atlantic's last closing price and 21.8% above its 30-day volume-weighted average price.