After Rio Tinto announced its acquisition of Arcadium Lithium for $5.85 per share in an all-cash deal, stocks of Australian lithium miners, including Liontown and Pilbara Minerals, rose in line with global peers. Arcadium's stock surged by 40% in Sydney trading. The acquisition price represents a 90% premium over Arcadium’s closing price of $3.08 per share on October 4. Overnight, Arcadium soared 31% in New York trading.
Among individual stocks, Liontown saw an increase of up to 9.5%, Pilbara Minerals rose by 3.5%, Mineral Resources climbed 6%, Sayona Mining jumped 9.4%, and IGO gained 2.2%.
