Ashurst and Allens assist with $385m acquisition of Lithium Power International

The scheme of arrangement deal was approved by the Federal Court

Ashurst and Allens assist with $385m acquisition of Lithium Power International

Ashurst and Allens have assisted with the acquisition of Lithium Power International Limited (LPI) by Corporación Nacional del Cobre de Chile (Codelco) subsidiary Salar de Maricunga SpA in a deal that values LPI at approximately $385m.

The scheme of arrangement transaction saw Codelco acquiring all of LPI’s issued share capital for $0.57 per share in cash. It was approved by the Federal Court, the Foreign Investment Review Board and LPI shareholders, with implementation on 14 March.

The acquisition helps Chilean state-owned copper company Codelco to strengthen its position in the Maricunga salt flats in line with Chile's National Lithium Strategy.

Partners Murray Wheater and Ben Stewart spearheaded the Ashurst team, with support from senior associate Josh Walsh and associates Daniel Lucanus, Benjamin Paganin, Reuben Edlin, and Emmelyn Wu (corporate transactions). Tax advice was provided by partner Sanjay Wavde and counsel Paul Glover; employment advice by counsel Melanie Taylor and senior associate Renae Harg; and dispute resolution advice by senior consultant Nicole Gardner and associate Rohan Hulonce.

Meanwhile, Allens’ team collaborated with Codelco's Chilean legal counsel Carey and its Canadian legal counsel McCarthy Tétrault on the cross-border deal. The Allens team consisted of the following:

M&A and capital markets

  • Richard Kriedemann (lead partner)
  • Andrew Wong (counsel)
  • Emma Morris (senior associate)
  • Elise Blume (senior associate)
  • Lewis Pope (associate)
  • Joshua Graffi (lawyer)
  • Francesca Bailey (lawyer)

Disputes and investigations

  • Malcolm Stephens (partner)
  • Lachlan Macdonald (lawyer)


  • Joseph Power (partner)
  • Jay Prasad (managing associate)
  • Tom Tian (managing associate)
  • Megan Jones (lawyer)

Employment and safety

  • Veronica Siow (partner)
  • Eden Sweeney (associate)


  • Eve Lynch (partner)
  • Darcy Doyle (senior associate)
  • Alisha Bond (associate)
  • Ingrid Horeb (lawyer)

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