%{{tag.tag}} {{articledata.title}} {{moment(articledata.cdate)}} @{{articledata.company.replace(" ","")}} comment British mining giant %RioTinto (NYSE: $RIO ) is acquiring American %Lithium producer Arcadium for $6.7 billion U.S. %ArcadiumLithium (NYSE: $ALTM ) will give Rio Tinto, the world’s second-largest miner, access to a steady supply of lithium, which is the primary component in electric vehicle (EV) batteries. Rio Tinto is trying to diversify beyond its global production that is concentrated in iron ore, copper and aluminum. The takeover is an all-cash transaction that offers $5.85 U.S. per share, which represents a 90% premium to Arcadium stock’s Oct. 4 closing price of $3.08 U.S. a share. Arcadium Lithium’s stock jumped 30% on reports of the acquisition. The two companies had confirmed in recent days that they were in talks about a possible takeover of Arcadium. If the deal successfully concludes, Rio Tinto will become one of the largest suppliers of lithium in the world, trailing only Albemarle (ALB) and SQM (SQM). For Arcadium shareholders, the acquisition no doubt comes as a relief. After going public in January of this year, the company’s stock declined 55%, sliding lower alongside lithium prices. Rio Tinto’s stock fell 2% on news of the deal. The company’s share price has declined 12% so far this year to trade at $65.53 U.S.