Rio Tinto seals Arcadium Lithium buyout, changes name to Rio Tinto Lithium
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More news: Rio Tinto has confirmed the acquisition of lithium chemicals producer Arcadium Lithium after the Royal Court of Jersey approved the $9.9 billion deal.
Arcadium Lithium, which stopped trading on the ASX today, will be renamed Rio Tinto Lithium, with Rio Tinto as its parent company.
What they said: "Today we are delighted to welcome the employees of Arcadium to Rio Tinto," said Rio Tinto chief executive Jakob Steusholm.
"By combining Rio Tinto's scale, financial strength, operational and project development experience with Arcadium's Tier 1 assets, technical and commercial capabilities, we are creating a world-class lithium business which sits alongside our leading iron ore, aluminium and copper operations," he said.
Arcadium Lithium shares suspended from quotation after court approves Rio takeover
The news: Arcadium Lithium shares have been suspended from quotation after the Royal Court of Jersey approved Rio Tinto's $9.9 billion acquisition of the lithium chemicals producer.
The numbers: Arcadium shares last closed at $9.33, having more than doubled in value since the proposed deal was first announced in October.
The context: Arcadium shares soared last month after the company's shareholders voted in favour of the all-cash takeover proposal. It would represent Rio's largest acquisition in 17 years.
