Albemarle, the world’s largest lithium chemical manufacturer, observes a notable 7.7% surge in stocks to $177.52, reaching its peak since September 20th.

Liontown Resources of Australia announced a week’s extension on its exclusive due diligence period for their proposed $4.23 billion buyout by Albemarle.

This extension follows Hancock Prospecting, a company under the control of Gina Rinehart, Australia’s wealthiest person, escalating its stake in Liontown Resources to 19.9% on Wednesday, potentially hindering Albemarle’s takeover efforts.

To succeed with its bid, Albemarle requires 75% backing from Liontown Resources investors in a shareholders vote.

Up until the last closure, Albemarle has seen a 24% decrease this year.

Albemarle (ASX:ALB) is globally recognized as the largest manufacturer of lithium chemicals.