Tianqi Gives Notice to Exercise Option for Indirect Minority Interest in Albemarle Subsidiary

Albemarle (NYSE:ALB) has announced that Tianqi has given notice to exercise an option to acquire 20 percent indirect interest in Rockwood Lithium GmbH and its subsidiaries.
As quoted in the press release:

GmbH is a wholly-owned German subsidiary of Albemarle that manages a portfolio of downstream products, including organolithiums such as butyllithium, which are manufactured at its facility in Langelsheim, Germany. Exercise of the option by Tianqi does not include any material interest in Albemarle’s lithium-based battery and energy storage business, its lithium reserves and operations in South America, the U.S., orAustralia, or its pending lithium hydroxide and carbonate asset acquisition in China, all of which are owned outside of the German entity. Albemarle will continue to own a controlling interest in GmbH and will manage the business and operations of GmbH following Tianqi’s financial investment.

Click here to read the full press release.