Arcadium Lithium debuts on Wall Street after merger finalised

The news: ASX lithium producer Allkem has finalised its merger with US peer Livent that has created a new company called Arcadium Lithium. Arcadium Lithium CDIs (CHESS depository interests) have been trading on the ASX. Arcadium Lithium shares began trading on Wall Street this week.

The numbers: The new company is valued at $15.7 billion.In the US, Arcadium Lithium had a positive first day of trading on Wall Street. The shares closed 1.49% higher. On the ASX, Arcadium Lithium CDIs were higher by 0.91% to $9.96 on Friday at 11.16am (AEDT). Allkem shareholders own about 56% of Arcadium Lithium, while Livent shareholders own the remainder.

The context: Allkem and Livent have assets in Argentina and Canada and company leaders claimed they could better develop these opportunities by working together. Arcadium Lithium will aim to capitalise on lithium demand for electric cars and new forms of storing energy. Allkem will be removed from the ASX and Toronto Stock Exchange later on Friday.