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China faces investor backlash over lithium miner takeover
Shareholders have warned that it would be dangerous if the world’s largest lithium resource fell into Chinese hands
23 May 2021 • 9:00am
Small shareholders in a British lithium company are mobilising a grassroots campaign to block a takeover by a Chinese mining giant.
More than 300 retail investors in Aim-listed Bacanora are calling on institutional investors to side with them, while urging the Government to back their efforts. The investors, which claim to control more than 5pc of Bacanora, have described the offer as “derisory”.
Bacanora has received a £190m bid from its largest shareholder, China’s Ganfeng Lithium, one of the world’s largest producers of the material. Ganfeng has a 17.5pc stake in Bacanora, which it plans to increase to 30pc.
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