Australia's Kidman Resources agrees to $534 mln Wesfarmers takeover

Credit: REUTERS/DANIEL MUNOZ

Australian lithium miner Kidman Resources Ltd on Thursday agreed to be acquired by retail conglomerate Wesfarmers Ltd for A$776 million ($534 million).

May 23 (Reuters) - Australian lithium miner Kidman Resources Ltd KDR.AX on Thursday agreed to be acquired by retail conglomerate Wesfarmers Ltd WES.AX for A$776 million ($534 million).

The two parties have entered into a scheme implementation deed after Wesfarmers completed its exclusive period of due diligence, Kidman Resources said in a statement.

Wesfarmers lodged a A$1.90 per share bid for the lithium miner on May 2.

($1 = 1.4537 Australian dollars)

(Reporting by Aditya Soni in Bengaluru; editing by Richard Pullin)

((Aditya.Soni@thomsonreuters.com; +91 80 6749 1130; Reuters Messaging: Aditya.Soni.thomsonreuters.com@reuters.net))

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