NEW YORK (TheStreet) -- Shares of Rockwood Holdings  (ROC) are up 13.59% to $85.99 after it was reported that Albemarle Corp. (ALB - Get Report) agreed to pay $6.2 billion in cash and stock for the producer of lithium products, which are increasingly in demand for batteries used in electric cars, Bloomberg reports.

The transaction values at $85.53 a share, or 13% more than yesterday's closing price, the companies said in a statement today. The takeover is expected to close in the first quarter of 2015.

Shares of Albemarle are up 3.68% to $75.29.

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