Ganfeng International Trading, a lithium exploration company, offered to acquire Bacanora Lithium, a lithium miner, for £285m ($391m). "We are pleased that Bacanora and Ganfeng have been able to work together efficiently to satisfy the pre-conditions and reach an agreement on the terms of a formal offer. The offer allows Bacanora shareholders to realise their investment in Bacanora, in cash and at a significant premium to the undisturbed share price. In addition, we are pleased to have agreed that Bacanora shareholders will maintain an exposure to the lithium industry by retaining an interest in a highly prospective quoted lithium project, through the Zinnwald Distribution," Mark Hohnen, Bacanora Chairman. On October 22, 2021, UK Takeover Panel has suspended the timetable on Ganfeng's offer for all of Bacanora Lithium's issued share capital until a clearance condition is satisfied or waived by Mexico.