Rio Tinto plc Sponsored ADR (RIO.US) acquires Arcadium Lithium (ALTM.US) for a premium of $6.7 billion with shareholder approval.

Arcadium Lithium(ALTM.US) announced on Monday that its shareholders have voted in favor of selling the company to Australian mining giant Rio Tinto plc Sponsored ADR(RIO.US) for $6.7 billion. After approximately 98% of shareholders voted in support of the sale, the company's stock price rose by about 7% in after-hours trading. The transaction is expected to be completed by mid-2025, and will catapult Rio Tinto plc Sponsored ADR to become the third largest lithium miner in the world, behind only Albemarle and SQM. Arcadium revealed in a filing submitted to regulators earlier this month that the company is facing legal obstacles, with some shareholders filing lawsuits alleging false statements, omissions, and negligence in the acquisition deal. Earlier this year, Rio Tinto plc Sponsored ADR announced that it would acquire Arcadium for $5.85 per share in cash, making it the third largest lithium miner globally. This all-cash offer represents a 90% premium over Arcadium Lithium's closing price on October 4. Upon completion of the acquisition, Rio Tinto plc Sponsored ADR will gain ownership of Arcadium's lithium mines, processing facilities, and deposits in Argentina, Australia, Canada, and the United States, as well as rights to customers such as Tesla, Inc., BMW, and General Motors Company.