The Rio Tinto Ltd. booth connected the opening time of the Investing successful African Mining Indaba successful Cape Town, South Africa, connected Monday, Feb. 6, 2023.
Dwayne Senior | Bloomberg | Getty Images
The world's second-largest miner Rio Tinto said Wednesday it volition get U.S. lithium shaper Arcadium for $6.7 billion.
If the woody goes through, Rio Tinto volition go 1 of the largest suppliers of lithium, trailing lone aft Albemarle and SQM.
Rio Tinto said the woody would beryllium an all-cash transaction for $5.85 per share, representing a premium of 90% to Arcadium's Oct. 4 closing terms of $3.08 per share. Arcadium Lithium's marketplace worth presently stands astatine $3.31 billion, according to LSEG data.
News of the transaction confirms an announcement earlier this week that the 2 companies were successful talks.
Rio Tinto CEO Jakob Stausholm said the acquisition is simply a "significant measurement guardant successful Rio Tinto's semipermanent strategy, creating a world-class lithium concern alongside our starring aluminium and copper operations to proviso materials needed for the vigor transition."
This breaking quality communicative is being updated.
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