Battery maker CATL, Volkswagen likely final bidders for Sigma Lithium – report

Chinese battery maker CATL and automaker Volkswagen (OTCPK:VWAGY) are likely the final bidders for Sigma Lithium (NASDAQ:SGML). Sigma Lithium rose 2.7% after jumping 11% on Monday.

The two consortiums believed to be in the final stretch to purchase Sigma Lithium are CATL and Volkswagen (OTCPK:VWAGY), according a report in Brazil’s Exame publication late Monday.

The latest report comes after Sigma Lithium (SGML) on Monday announced that it plans to list Sigma Brazil on both Nasdaq and Singapore Stock Exchange. The dual listing of Sigma Brazi is being done solely “for the purpose of closing the strategic transaction.”

In connection with strategic review, Sigma Lithium (SGML) has entered contractual and detailed structural negotiations with finalists, which is expected to continue into next year, the company said on Monday.

Sigma Lithium (SGML) in the statement Monday said the company has seen “overwhelming” interest for its business, including from automakers and battery makers.

Sigma (SGML) said in September it was evaluating strategic alternatives after receiving proposals for its Grota do Cirilo project in Brazil, Sigma Brazil and the parent company.

Bloomberg reported in February that Tesla (TSLA) had been considering a takeover of the company. Tesla had spoken to potential advisors about a bid for the battery metals miner.