Man Group PLC disclosed a >1% stake in AMG Critical Materials N.V., a lithium and vanadium producer, under UK takeover rules. The filing confirms an offer period is in effect for the metals company.
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Man Group PLC disclosed a stake of more than 1% in AMG Critical Materials N.V., according to a Form 8.3 filing with the UK Takeover Panel. The filing, made under Rule 8.3 of the Takeover Code, confirms an offer period is in effect for the metals and mining company.
AMG Critical Materials produces lithium and vanadium, metals used in batteries and steel alloys. The company, headquartered in the Netherlands, operates mines and processing facilities globally. Man Group, one of the world's largest publicly traded hedge fund managers, reported its interest as of the latest practicable date before the disclosure.
The filing lists Man Group's holdings in relevant securities of AMG Critical Materials. It does not specify the exact percentage above 1% or the direction of the position. Rule 8.3 requires disclosure by any person with interests in 1% or more of the relevant securities of an offeree during an offer period.
The disclosure follows a period of consolidation in the specialty metals sector. AMG Critical Materials shares have traded in a range over the past year, pressured by weaker lithium prices and slower electric vehicle demand. The company reported a net loss in its most recent quarter.
Man Group disclosed its stake during an offer period. The Takeover Code's disclosure rules require transparency around positions above 1% in such situations. The identity of any potential offeror for AMG Critical Materials has not been disclosed.
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