Arcadium Lithium Stock Soars as Rio Tinto Makes $3.3 Billion Non-Binding Offer Amid Acquisition Talks

Oct 6, 2024, 09:49 PM

Rio Tinto Plc is in talks to acquire U.S. lithium miner Arcadium Lithium Plc in a non-binding offer valued at $3.3 billion. The deal could value Arcadium between $4 billion and $6 billion or higher, according to sources. Arcadium Lithium's stock soared following the reports of the potential acquisition. A shareholder has written to the Arcadium board urging them not to accept a low takeover offer. Rio Tinto has been considering major acquisitions in the lithium space, including potential targets such as Albemarle. The approach is non-binding, and there is no certainty that a deal will proceed. If successful, the acquisition would significantly bolster Rio Tinto's position in the lithium market, making it one of the largest producers of the metal essential for electric vehicle batteries. Arcadium Lithium has confirmed the approach but stated that it will not comment further unless there is news to share.