Is Ganfeng Bearish Pilbara Minerals?

• An $271 million block trade of Pilbara minerals occurred, representing nearly 3% interest in the stock of the lithium miner
• The trade was part of a secondary share sale stemming from an equity collar transaction for China's Ganfeng, which owns 5.7% of Pilbara
• Equity collars are a trading strategy using options to protect downside, with the block trade price at a 4% discount to the last close

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