(Reuters) – Arcadium Lithium mentioned on Monday its shareholders had voted in favor of a $6.7 billion sale to Australian mining big Rio Tinto.
Shares of Arcadium Lithium rose about 7% in prolonged buying and selling after the corporate mentioned about 98% of its shareholders voted in favor of the sale.
The deal, anticipated to shut in mid-2025, will propel Rio Tinto to the world’s third largest lithium miner, simply behind Albemarle and SQM.
Arcadium faces authorized hurdles as some shareholders have filed lawsuits in opposition to it, alleging misrepresentation, concealment and negligence concerning the buyout transaction, the corporate disclosed in a regulatory submitting earlier this month.
Earlier this yr, Rio Tinto mentioned it could pay $5.85 in money per share for Arcadium, a premium of practically 90% to the inventory’s closing worth on Oct. 4, the day Reuters reported. completely introduced a possible deal.
The Australian miner could have entry to lithium mines, processing amenities and Arcadium deposits in Argentina, Australia, Canada and the USA, in addition to prospects similar to Tesla, BMW and Normal Motors.
(Reporting by Vallari Srivastava and Pooja Menon in Bangalore; modifying by Tasim Zahid, Vijay Kishore and Shinjini Ganguli)
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