It's a good day to be invested in these All Ordinaries Index (ASX: XAO) shares – they're leaping as much as 17.5% at the time of writing.
And there appears to be a single driver of their gains. That is, a whopping plan to create a $15.7 billion lithium entity.
Right now, the All Ordinaries is down 0.2% at 7,434.3 points.
Let's take a look at the news seemingly driving three ASX All Ordinaries shares sky-high on Thursday.
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3 ASX All Ordinaries shares soaring more than 14% today
Allkem Ltd (ASX: AKE)
It's a good day for ASX All Ordinaries lithium share Allkem – it's leaping 15.8% right now to trade at $14.945. And for good reason.
The lithium favourite announced its plan to merge with Livent Corp (NYSE: LTHM) overnight.
After the all-scrip merger – expected to finalise later this year – the lithium producer born from their unification will be worth around $15.7 billion.
Allkem shareholders will retain around 56% of that company while Livent investors will walk away with a 44% interest.
Galan Lithium Ltd (ASX: GLN)
The news appears to be putting wind under the wings of many All Ordinaries lithium shares today.
Galan Lithium stock is currently the index's best performer, having gained 17.5% to trade at $1.21 at the time of writing.
Such gains might suggest the market believes the company behind two projects in Argentina's Hombre Muerto Salar and another in Western Australia could also be a target for merger and acquisition activity.
Lake Resources N.L. (ASX: LKE)
Meanwhile, the Lake Resources share price is in third position on the All Ordinaries right now, rising 14.7% to reach 58.5 cents.
Its gains are also likely a reflection of Allkem's merger plan. However, the boost isn't nearly enough to put the stock back into the longer-term green.
Shares in the company behind the Kachi Lithium Project have plummeted 24% since the start of 2023 and 60% over the last 12 months.
