Rio Tinto to buy US lithium producer Arcadium in $6.7bn deal

Acquisition by Anglo-Australian miner comes despite global headwinds in electric car market

Rio Tinto is to buy the US company Arcadium Lithium for $6.7bn (£5.1bn), in a huge bet on the energy transition despite global headwinds in the electric car market.

The Anglo-Australian metals and mining company said it would pay $5.85 a share for the US-based lithium miner. That represents an almost 90% premium to Arcadium’s closing price of $3.08 a share on 3 October, the day before news of a potential deal emerged.