Arcadium Lithium Shares Jump on Talks to be Acquired by Rio Tinto
By Adriano Marchese
Arcadium Lithium shares rose sharply in pre-market trading Monday after confirming that it is in talks to be acquired by global mining giant Rio Tinto.
Shares traded nearly 33% higher at $4.10.
Late Sunday, the two companies confirmed that Rio Tinto was in talks to buy New York-listed lithium producer Arcadium Lithium as it looks to establish a foothold in the fast-growing market for a critical mineral used in battery production.
Arcadium Lithium owns mining operations in Argentina and Australia, as well as processing facilities in the U.S., China, Japan and the U.K. The company was created earlier in January from the merger of Philadelphia-based Livent and Australia's Allkem.
The companies didn't provide any financial details and declined to comment further.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
October 07, 2024 06:42 ET (10:42 GMT)
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