Arcadium Lithium Plc $ALTM (+0%)a producer of lithium chemicals, announced on Wednesday that the Committee on Foreign Investment in the United States (CFIUS) has approved the proposed acquisition of Arcadium Lithium by Rio Tinto Plc $RIO (+1,65%) has been approved.

However, the transaction is subject to investment screening approvals in Australia, Canada and Italy and other customary closing conditions.

Previously, Rio Tinto and Arcadium Lithium announced an agreement that will allow Rio Tinto to acquire Arcadium for $5.85 per share, or approximately $6.7 billion in cash.

The shareholders of Arcadium Lithium$ALTM (+0%) have given the green light for a USD 6.7 billion sale to the Australian mining giant Rio Tinto. $RIO (+1,65%) Australian mining giant Rio Tinto. This was announced by the company on Monday.

The news was received positively on the stock market: Arcadium shares rose by over 2% in after-hours trading.

Nevertheless, the road to the final deal is not free of obstacles. Arcadium is currently facing legal challenges from some shareholders.

These shareholders have filed lawsuits against the company, accusing it of misrepresentation, concealment and negligence in connection with the acquisition. Arcadium itself disclosed this information in a regulatory filing earlier this month.

At the beginning of the year, Rio Tinto announced its intention to acquire Arcadium for 5.85 US dollars per share in cash. This purchase price represented a premium of nearly 90% to Arcadium's closing share price on Oct. 4, 2023 - the day Reuters first reported the potential deal.

The acquisition gives Rio Tinto access to Arcadium's lithium mines, processing facilities and deposits in Argentina, Australia, Canada and the United States.

In addition, Rio Tinto is also taking over Arcadium's customer base, which includes well-known car manufacturers such as Tesla, BMW and General Motors.

"We are confident that this transaction will bring long-term benefits to our customers, employees and the communities in which we operate. I look forward to the future with excitement," said Paul Graves, President and CEO of Arcadium Lithium, in a statement.