Rio Tinto said on Wednesday it would acquire Arcadium Lithium for $6.7 billion, in an agreed all-cash deal that would make it one of the world's largest lithium producers. Rio said it would pay $5.85 per share for the U.

In a counter-cyclical move, Rio Tinto on Wednesday announced a $6.7-billion acquisition of Arcadium Lithium, propelling the world’s second-biggest miner into the ranks of major lithium producers. Bringing Arcadium’s lithium business into its portfolio strengthens Rio Tinto’s presence in energy transition commodities,

Rio Tinto on Wednesday struck a deal to acquire Arcadium Lithium for $6.7 billion, as the global miner extends its operations in another commodity needed for the energy transaction.