Livent Corporation → Allkem Limited
completedAllkem (ASX-listed, with its flagship hard-rock lithium mine in Western Australia) and US-listed Livent Corporation agreed an all-stock "merger of equals" to form Arcadium Lithium, a global integrated lithium chemicals producer valued at approximately US$10.6 billion. Completed 4 January 2024.
The companies said the combined group would have diversified extraction and production assets across Argentina, Australia, Canada and Japan, positioning it to reliably supply lithium for global decarbonisation and EV battery demand.
Allkem shareholders backed the deal to gain scale and a broader global asset base; Allkem investors received one Arcadium share per Allkem share and held 56% of the combined company.
Not applicable — reaction not separately reported in AUD terms; nearly 90% of votes cast at both companies' shareholder meetings approved the merger.
Deal mechanics
Davis Polk & Wardwell and Allens (legal to Livent); Gordon Dyal & Co (financial to Livent)
All-stock merger of equals — Allkem holders received 1 Arcadium share per share (56% of combined company); Livent holders received 2.406 Arcadium shares per share (44%)