Galan Rejects Huayou-Renault Bid for Argentina Lithium Asset (1)

Australia’s Galan Lithium Ltd. has rejected a $150 million joint bid from China’s Zhejiang Huayou Cobalt Co. and France’s Renault SA to acquire its fields in Argentina, one of the fastest-growing producing countries for the battery metal.

Galan’s board turned down the bid because it undervalues the assets, the company said Thursday in a regulatory filing. Galan is close to sealing off-take and financing deals for one of the fields, Hombre Muerto West, which would provide better prospects for shareholders than accepting the Huayou-Renault bid, it added.

Hombre Muerto West and the other area, Candelas, are located in lithium ...