The London Stock Exchange buyout frenzy has gone so far as to see a company make an offer for another before it has even listed, in the case of Abrdn (ABDN) and interactive investor, but while a handful of megadeals have come and gone (bye, Morrisons), one takeover situation has been slowly bubbling away.
Now, after six months, the tussle for Bacanora Lithium (BCN) is coming to a crucial juncture. It has featured in these pages recently thanks to the efforts of ShareSoc, a shareholder rights group, which says Bacanora investors are getting a raw deal from the offer by Chinese lithium giant Ganfeng, which is 67.5p a share in cash and 0.23589 shares in Bacanora subsidiary Zinnwald Lithium (ZNWD).
The transaction process is currently suspended because Mexican authorities have not yet signed off on the change in control. The company’s key asset, the Sonora lithium project, is in Mexico.