(Yicai Global) Nov. 18 -- Chinese battery giant Contemporary Amperex Technology has received USD20 million in damages after its acquisition of Millennial Lithium was aborted after the Canadian lithium ore miner received a superior offer from compatriot Lithium Americas.

Earlier this month, Lithium Americas, which runs projects in Argentina and the US' Nevada, submitted a bid 34 percent higher than that offered by CATL in September at CAD4.70 (USD3.70) per share. The company is now in the final stages of closing the deal worth USD400 million, the Vancouver-based firm said yesterday.

With the deal between CATL and Millennial Lithium now scrapped, Lithium Americas must also pay the Ningde, southeastern Fujian province-based company a contract termination fee of USD20 million.

This is the third attempt to take over Millennial Lithium, which owns two world-class lithium salt lake projects in Argentina, since July. In September, CATL outbid compatriot Ganfeng Lithium by USD19 million and also had to pay compensation of USD10 million.

Millennial Lithium’s share price [TSXV:ML] closed down 1.91 percent at CAD4.63 (USD3.67) yesterday, giving it a market capitalization of CAD453 million (USD359 million). CATL’s stock [SHE:300750] barely moved today.

Editor: Kim Taylor