MELBOURNE : CATL, the world’s largest battery maker, has sold its nearly 5 per cent stake in Australian lithium producer Pilbara Minerals Ltd for A$601 million ($405.86 million), according to a term sheet seen by Reuters on Thursday.
CATL bought its 4.9 per cent stake for A$0.30 cents a share in the depths of the 2019 lithium downturn, before offering the stake, representing 146 million shares, to the market at A$4.10 each. Goldman Sachs and UBS are bookrunners.
That has netted CATL A$554.8 million ($374.66 million).
Source: Reuters