Rio Tinto Ltd (LSE:RIO, ASX:RIO, OTC:RTNTF) has made a takeover offer for Arcadium Lithium PLC (NYSE:ALTM, ASX:LTM), a US$3.31 billion vertically integrated lithium chemicals producer.
The FTSE 100-listed miner said its approach is non-binding for the New York- and Syney-listed outfit, which has facilities and projects in UK, the US, Canada, Australia, China, Japan and Argentina from mining to delivering chemicals to battery companies.
Arcaium, which is the product of a January 2024 merger of ASX-listed Allkem and NYSE-listed Livent Corp, confirmed the approach. Both companies said they would only provide further comments when there is further news to share.
Philadelphia-based Livent merged with Brisbane-headquartered Allkem in a US$10.6 billion deal approved last December, though the share price has since more than halved.
As a vertically integrated company, Arcadium has capabilities across lithium extraction processes, including hard-rock mining, conventional brine extraction and direct lithium extraction, and in lithium chemicals manufacturing.