Lithium Americas expands in Argentina, will buy Millennial for US$400 million

Lithium Americas said it believes the fact that it is headquartered in Canada played in its favor.

RIO DE JANEIRO, BRAZIL - Lithium Americas Corp is to buy Argentina's Millennial Lithium Corp for US$400 million in shares and cash, beating an offer from China's Contemporary Amperex Technology Co Ltd (CATL), as demand for the metal used in electric vehicle (EV) batteries rises.

The deal is announced a day after the deadline for CATL to respond to Lithium Americas' bid for Millennial expired. CATL is the world's largest electric vehicle battery manufacturer, but does not produce lithium.

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