Shares of Albemarle (NYSE:ALB), the world’s largest lithium chemical producer, increased 1.85% premarket.

This was after Liontown Resources (ASX:LTR), an Australian company, announced an extension of the exclusive due-diligence time frame by one week regarding its proposed $4.23 billion buyout of Albemarle.

This extension comes amid Hancock Prospecting, a company controlled by Gina Rinehart, the wealthiest person in Australia, raising its stake in Liontown to 19.9% on Wednesday, which could deter Albemarle’s takeover attempt.

For the takeover to succeed, Albemarle needs 75% approval from Liontown shareholders.

As of last closing, Albemarle was down 24% YTD.

Albemarle (NYSE:ALB), based in the United States, is the largest producer of lithium globally.