On October 9, 2024, Rio Tinto entered into a definitive agreement to acquire Arcadium Lithium plc (NYSE: ALTM, ASX: LTM) in an all-cash transaction valued at approximately $6.7 billion USD (about C$9.2 billion), offering $5.85 USD per share (around C$8.05 per share). The deal represented a 90% premium to Arcadium's closing price on October 4, 2024, and a 39% premium to its volume-weighted average price since its inception on January 4, 2024. The acquisition aimed to integrate Arcadium's lithium assets into Rio Tinto’s portfolio, enhancing its capabilities in the lithium sector alongside existing operations in aluminium, copper, and iron ore. Both companies had significant operations in Canada: Rio Tinto maintained a strong presence in the country’s mining sector, while Arcadium operated lithium extraction and processing facilities in Quebec. The combined entity sought to become a global leader in energy transition commodities, supporting the supply of critical materials for electric vehicle production. The transaction had been unanimously approved by both companies' boards and was expected to close in mid-2025, subject to shareholder and regulatory approvals. Advisors for Rio Tinto included Goldman Sachs, J.P. Morgan, and Linklaters LLP, with Linklaters’ alliance partner firm, Allens, advising on Australian law aspects. McCarthy Tétrault also advised Rio Tinto. Arcadium Lithium’s advisors included Gordon Dyal & Co., UBS Investment Bank, and Davis Polk & Wardwell LLP.