Australian lithium producer Liontown Resources on Monday said its suitor, U.S.-based Albemarle, will not proceed with the proposed A$6.6 billion ($4.16 billion) buyout bid.

Albemarle has withdrawn its indicative proposal, Liontown said in a statement.

The largest lithium producer in the world has advised the Aussie firm that its decision to not proceed with the takeover was due to the "growing complexities" surrounding the deal's execution.

($1 = 1.5868 Australian dollars)

(Reporting by Rishav Chatterjee in Bengaluru; Editing by Lisa Shumaker)