By Anthony O. Goriainoff
Bacanora Lithium PLC and Ganfeng International Trading (Shanghai) Co. said late Friday that the U.K. Takeover Panel has suspended the timetable on Ganfeng's offer for all of Bacanora Lithium's issued share capital until a clearance condition is satisfied or waived by Mexico.
Ganfeng--which is a wholly owned subsidiary of Chinese lithium producer Ganfeng Lithium Co.--said the offer was conditional, among other things, on the satisfaction or waiver of the Mexican Antitrust Clearance condition. The company said this condition related to an official authorization or regulatory clearance for the purposes of the U.K. Panel's code.
It added that as of 1500 GMT on Friday the Mexican Antitrust Clearance Condition had neither been waived nor satisfied, and that the Mexican Federal Economic Competition Commission was currently considering the matter.
Furthermore the FECC was in active discussions with both companies, who were providing the regulator with further information, Ganfeng said.
Ganfeng said it anticipated that the suspended timetable for the offer will resume on the date on which the Mexican Antitrust Clearance condition is satisfied or waived, and that each of the offer's conditions, including the clearance condition, must be satisfied or waived by Dec. 31.
On May 6, Bacanora and Ganfeng International said they had entered into an agreement for a possible cash offer by Ganfeng International for the company. On that date Ganfeng offered 67.5 pence a share to take over Bacanora.
Write to Anthony O. Goriainoff at email@example.com