Rio Tinto to join top three lithium miners with Arcadium acquisition

for Arcadium Lithium , the two sides confirmed on Monday, following market speculation over the weekend and as the sector begins turning its attention back to growth.

On the news of Rio’s approach, Arcadium shares went ballistic, rising almost 46% on Monday in Sydney at A$6.09 each. In New York, the stock shot up 60% in pre-market trading, but pared some of those gains later to trade 30% at $3.08 apiece as of 8:00 am local time. That leaves the American lithium miner with a market capitalization of $3.3 billion.

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Rio Tinto Eyes Lithium Acquisition of U.S. Producer ArcadiumRio Tinto has expressed interest in acquiring U.S. lithium producer Arcadium, according to statements released by both companies on Monday. No financial details were provided, and Rio Tinto emphasized that there is no certainty a deal will be reached.
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