(Reuters) -Arcadium Lithium mentioned on Monday its shareholders have voted in favor of a $6.7 billion sale to Australian mining large Rio Tinto.
Shares of Arcadium Lithium rose about 7% in prolonged buying and selling after the corporate mentioned that about 98% of its shareholders had voted in favor of the sale.
The deal, anticipated to shut in mid-2025, will catapult Rio Tinto to the world’s third-largest lithium miner place, simply behind Albemarle and SQM.
Arcadium is going through authorized hurdles, as some shareholders have filed lawsuits in opposition to it alleging misrepresentation, concealment and negligence concerning the takeover deal, the corporate revealed in a regulatory submitting earlier this month.
Earlier this yr, Rio Tinto mentioned it will pay $5.85 per share in money for Arcadium, almost a 90% premium to the inventory’s closing value on Oct. 4, the day Reuters completely reported a possible deal.
The Australian miner will achieve entry to Arcadium’s lithium mines, processing amenities and deposits in Argentina, Australia, Canada and america in addition to prospects together with Tesla, BMW and Common Motors.
(Reporting by Vallari Srivastava and Pooja Menon in Bengaluru; Enhancing by Tasim Zahid, Vijay Kishore and Shinjini Ganguli)
