Home Business Competing for Lithium Resources Ningde Times, US$300 Million in Bid for Canadian Lithium Company Millennial-Hardware

Competing for Lithium Resources Ningde Times, US$300 Million in Bid for Canadian Lithium Company Millennial-Hardware

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According to people familiar with the matter, Ningde Times, the world’s largest electric vehicle battery manufacturer, invested 377 million Canadian dollars (approximately US$298 million) to bid for the mysterious buyer behind Millennial Lithium, a Canadian lithium company. At present, the Chinese company’s bidding war for Millennial is heating up, aiming to obtain the lithium element required for electric vehicle batteries.

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Millennial stated on September 8 that the company had received an unsolicited, non-binding offer of C$3.85 per share from a foreign lithium battery manufacturer, but did not name the company.

In July of this year, China’s Ganfeng Lithium has announced plans to acquire Millennial for 3.60 Canadian dollars per share for a total of 353 million Canadian dollars. In addition, Millennial’s assets also attracted the interest of Luoyang Molybdenum Group. Luoyang Molybdenum may consider a joint bid with CATL.

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