Arcadium Lithium Shareholders Approve $6.7 Billion Rio Tinto Deal

Arcadium Lithium has announced that its shareholders have approved a $6.7 billion sale to Australian mining giant Rio Tinto.

The acquisition will give Rio Tinto access to Arcadium's lithium mines, processing facilities, and customers and deposits worldwide. I Photo: Arcadium Lithium

Shares of Arcadium Lithium rose approximately 7% in extended trading after the company confirmed that about 98% of its shareholders voted in favor of the sale, Reuters reported.

The deal, expected to close in mid-2025, will elevate Rio Tinto to the position of the world's third-largest lithium miner, trailing only Albemarle and SQM.

However, Arcadium faces legal challenges, as some shareholders have filed lawsuits alleging misrepresentation, concealment, and negligence regarding the takeover. This was revealed in a regulatory filing earlier this month.

Earlier this year, Rio Tinto offered $5.85 per share in cash for Arcadium, representing nearly a 90% premium to the stock's closing price on October 4—the day Reuters exclusively reported the potential deal.

The acquisition will give Rio Tinto access to Arcadium's lithium mines, processing facilities, and deposits across Argentina, Australia, Canada, and the United States, as well as customers including Tesla, BMW, and General Motors.