Rio Tinto has agreed to buy Arcadium Lithium for $6.7bn in cash, in a deal that highlights how mining companies are positioning themselves for the growth of electric vehicles.
The Anglo-Australian group said it would pay $5.85 per share, a 90 per cent premium to Arcadium’s closing price on October 4. It is the biggest ever lithium acquisition and will make Rio Tinto the third-largest producer.
Rio’s chief executive Jakob Stausholm said the deal would create “a world-class lithium business alongside our leading aluminium and copper operations to supply materials needed for the energy transition”.
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