- Orocobre (ORL) has received approval from the Supreme Court of Western Australia to acquire Galaxy Resources
- Galaxy holds a diversified portfolio of lithium assets destined for the power generation, energy storage and transportation sectors
- The company expects the acquisition’s scheme of arrangement to become effective on August 16, 2021
- Orocobre is a global lithium carbonate supplier and an established producer of boron
- Orocobre (ORL) is down by 2.65 per cent and is currently trading at $8.82 per share
Orocobre (ORL) has received approval from the Supreme Court of Western Australia to acquire Galaxy Resources.
Galaxy holds a diversified portfolio of lithium assets in Australia, Canada and Argentina focused on fueling the electrical revolution in power generation, energy storage and transportation.
Orocobre will acquire all fully paid ordinary Galaxy shares in an all-stock deal resulting in the fifth-largest global lithium chemicals company.
The company expects the acquisition’s scheme of arrangement to become effective on August 16, 2021. If this occurs, Galaxy shares will be suspended from trading on the ASX at market close.
Scheme timetable
| Effective date | Monday, 16 August 2021 |
| New Orocobre shares commence trading on the ASX on a deferred settlement basis | Tuesday, 17 August 2021 |
| Scheme record date | Wednesday, 18 August 2021 at 5:00 pm |
| Implementation date | Wednesday, 25 August 2021 |
| New Orocobre shares commence trading on the ASX on a normal settlement basis | Thursday, 26 August 2021 |
All times and dates refer to Perth, Western Australia.
Orocobre is a global lithium carbonate supplier and an established producer of boron.
Orocobre (ORL) is down by 2.65 per cent and is currently trading at $8.82 per share as of 9:34 am ET.