Arcadium Lithium's Australian shares leap on Rio Tinto's takeover approach

Arcadium Lithium

07/10/2024 01:57

** Arcadium Lithium's Australia-listed shares  LTM.AX  climb
as much as 50.5% to A$6.290, marking their biggest ever intraday
pct gain
    ** Stock hits its highest since early June, top gainer on
the ASX 200 benchmark index  .AXJO 
    ** Lithium miner confirms takeover approach from Rio Tinto
 RIO.AX , without revealing any financial details
    ** Reuters had exclusively reported that the companies had
been holding talks, and Arcadium could be valued at $4 bln to $6
bln or higher
    ** If a deal goes through, it would make Rio the world's
third-largest producer of lithium
    ** Rio shares last down 1% to A$122.48
    ** As of last close, Arcadium Lithium's Australia stock was
down 62.7% YTD

 (Reporting by Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com;))