Allkem (ASX:AKE) shares rise as much as 4.37% to A$11.815 as the $10.6 billion merger with U.S.-based Livent nears completion.

The lithium miner announced it has received, or will soon receive, required completion and foreign investment approvals for its planned merger.

This development brings about the largest intraday percentage gain in the stock since August 22.

Analysts' average rating mirrors a strong ‘Buy’, with their median price target set at A$16.5.

The recent rush had about 1.6 million shares changing hands, compared to the 30-day average volume of 2.8 million shares.

Despite the metals and mining index experiencing a 5.17% decline this year, Allkem’s stock has risen 0.71% as of the last closing.

Allkem is a resource company focusing primarily on lithium mining.