Rio Tinto Group (ASX:RIO) completed its acquisition of Arcadium Lithium (ASX:LTM) for $6.7 billion, following the sanctioning of a scheme of arrangement by the Royal Court of Jersey on Wednesday, according to a Thursday Australian bourse filing.
Arcadium Lithium will become Rio Tinto Lithium, which includes the Rincon lithium project in Argentina. Its shares and CHESS depositary receipts will be delisted from the New York Stock Exchange and the Australian Securities Exchange, respectively.
Arcadium Lithium shareholders will receive $5.85 cash per share held at the scheme record date, funded by drawing on an existing bridge loan facility which Rio Tinto plans to replace with long-term debt financing.
Rio Tinto Lithium is targeting growth in the capacity of its Tier 1 assets to over 200 thousand tonnes per year of lithium carbonate equivalent by 2028.
Rio Tinto's shares fell 2% on market close on Thursday.
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