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Chinese battery maker targets lithium miner

Chinese battery maker Chengdu Tianqi Industry Group says it will make an offer for Perth miner Talison Lithium that will exceed an agreed takeover bid from Rockwood Holdings.

Chengdu Tianqi’s Windfield Holdings unit agreed to buy or has already purchased an aggregate 15 per cent stake in Talison, the company said yesterday. Chengdu Tianqi plans to submit a proposal for the rest of the shares at a higher price than Rockwood’s bid of C$6.50 a share.

Chengdu Tianqi said it planned to submit a proposal to Talison before a shareholder meeting set for November 29 to consider Rockwood’s $C724 million ($A695m) takeover offer, announced in August.

Talison, based in Perth but listed on the Toronto stock exchange, mines ore to produce battery-grade lithium, which analysts say may double in demand during the next eight years on its use in electric vehicles.

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