Business & FinanceCommoditiesDeals
05 October 2024, 9:48 am 1 minute
Reuters was first to report that mining giant Rio Tinto had been holding talks to buy Lithium miner Arcadium, which, if successful, would vault Rio to being the world’s third largest producer of the electric vehicle battery metal. In buying Arcadium, Rio would gain access to lithium mines, processing facilities and deposits in Argentina, Australia, Canada and the United States, as well as a customer base that includes Tesla, BMW and General Motors.
Market Impact
Arcadium shares jumped more than 35% in extended trading after the story broke. Rio and Arcadium later confirmed the talks, sending Arcadium’s shares up 29% in pre-market trading on Monday. The combined group could account for some 10% of global lithium chemicals supply by 2030.
Article Tags
Topics of Interest: Business & FinanceCommoditiesDeals
Type: Reuters Best
Sectors: Business & FinanceMergers & Acquisition
Regions: AmericasEurope / Middle East / Africa
Win Types: Speed
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Important Regional Story
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