CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 84% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Tesla battery maker CATL to buy Millennial Lithium for C$377m

By Joyanta Acharjee

12:00, 29 September 2021

An electric vehicle battery
An electric vehicle battery – Photo: Shutterstock

Tesla supplier Contemporary Amperex Technology (CATL) is set to buy Millennial Lithium in a deal worth C$377m (£220m).

The electric vehicle (EV) battery maker beat Chinese rival Ganfeng Lithium with an offer valuing each Millennial Lithium share at C$3.85, a 7% premium on Ganfeng Lithium's C3.60 a share offer made in July valuing the entire company at C$353m.

CATL is one of Tesla's battery suppliers. Other Tesla suppliers are Panasonic and LG Energy Solution. These three companies are among the top 10 EV battery suppliers in the world, according to electrical industry association IEEE.

Approval process

In a press release, the company said it will hold a shareholder meeting in November to vote on the deal, which is also subject to regulatory and court approvals.

Millennial Lithium’s board said it approved the offer from CATL and recommended shareholders to vote in favour of the deal.


27,922.45 Price
+1.060% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 60.00


14,356.50 Price
+0.190% 1D Chg, %
Long position overnight fee -0.0255%
Short position overnight fee 0.0032%
Overnight fee time 21:00 (UTC)
Spread 1.8


0.48 Price
+0.060% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.00366

Oil - Crude

72.59 Price
-0.510% 1D Chg, %
Long position overnight fee -0.0154%
Short position overnight fee -0.0065%
Overnight fee time 21:00 (UTC)
Spread 0.03

Ganfeng Lithium did not exercise its right to match the CATL offer leading to Millennial Lithium terminating that deal in favour of CATL’s offer. CATL has also paid a $10m termination fee.

South America presence

Vancouver-based Millennial Lithium operates lithium mines in Argentina.

Lithium is a key ingredient in EV batteries and the world’s supply is mainly found in South America in the desert region between Argentina, Chile and Bolivia and in western Australia.

Read more: Lithium boom takes shape in Latin America

Rate this article

Capital Com is an execution-only service provider. The material provided on this website is for information purposes only and should not be understood as an investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page then you do so entirely on your own risk.

Still looking for a broker you can trust?

Join the 530.000+ traders worldwide that chose to trade with

1. Create & verify your account 2. Make your first deposit 3. You’re all set. Start trading