Rio Tinto (RIO) to Acquire Arcadium Lithium (ALTM) for $6.7 Billion

Rio Tinto (RIO, Financial), the world's second-largest mining company, has received board approval for its $6.7 billion cash acquisition of Arcadium Lithium (ALTM). This strategic move aims to position Rio Tinto as a leading producer of critical battery materials. The company announced plans to purchase Arcadium Lithium at$5.85 per share, representing a 90% premium over Arcadium Lithium's closing share price on October 4th, before Rio Tinto confirmed its bid. CEO Jakob Stausholm remarked that this acquisit ...