Sayona, Piedmont to create lithium giant in $623-million merger

in an all-stock deal that will consolidate their Canadian operations and boost the merged firm’s exposure to the North American electric vehicle sector, the companies said.

As part of the deal, Sayona will become the parent company of the newly formed lithium firm. The transaction, structured as an all-share deal, represents a 6% premium to Piedmont’s closing share price on Monday. The new lithium miner will be based in Australia, with a primary listing on the country’s stock exchange and a secondary listing of American depositary shares on the Nasdaq.

Despite operating at a loss in the September quarter, Sayona noted that merging the entity could simplify the acceptance of government or customer support if needed.

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