Albemarle, a specialty chemicals maker, said that Tianqi Lithium Corporation exercised an option to acquire a 20% indirect ownership interest in Rockwood Lithium in Germany and its subsidiaries, currently solely owned by Albemarle.
The German subsidiary makes products such as organolithiums such as butyllithium. Albemarle will retain a controlling stake in the unit.
Albemarle’s lithium-based battery and energy storage business, its lithium reserves and operations in South America, the US or Australia, or its pending lithium hydroxide and carbonate asset acquisition in China, won’t be affected by the financial investment as they owned outside the German unit.
The shares rose 3% to a record $88.73 on Wednesday morning. The new 52-week range is $45.78 to $88.73.
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