The shares of the mining companies lithium They rose on Tuesday after Australia’s Liontown Resources rejected a takeover offer from Albemarle, which valued the Australian lithium company at $3.7 billion.
Liontown Resources controls two major lithium deposits in Western Australia.
Shares of US lithium miners Albemarle Corp, Livent Corp and Piedmont Lithium Inc rose between 0.8% and 6.9 percent.
Shares of Chile’s SQM in the United States and Canada’s Lithium Americas Corp also gained 3.4% and 3.9%, respectively.
The takeover bid could mark the start of consolidation in the sector, according to analysts.
Although lithium prices have fallen from their all-time highs, demand for the metal continues to rise as automakers increasingly turn to electric vehicles, opening the door for majors in the sector to secure supply for the next decade.
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