Rio Tinto has agreed to acquire Arcadium Lithium for $6.7 billion, offering a 90% premium to the stock's recent closing price. The acquisition positions Rio Tinto among the top lithium producers, a crucial component for electric vehicle batteries. With growing demand for lithium, the company aims to shift away from iron ore, focusing on renewable energy materials. The deal comes as lithium prices have dropped over 80% from their peak, with the market still adjusting to fluctuating supply and demand.
