Shareholders of Allkem and Livent have overwhelmingly approved the proposed merger between the two lithium industry giants, creating a formidable $US9.7 billion ($14.3 billion) powerhouse.
The anticipated closing date for the merger is January 4, signalling the commencement of operations under the banner of Arcadium Lithium.
Martin Perez de Solay, Managing Director and CEO of Allkem, emphasized, “Arcadium Lithium is poised to meet the surging demand for lithium chemical products, equipped with both scale and expertise, while maintaining a commitment to executing a robust growth strategy.”
Allkem is set to seek approval for the merger scheme from the Federal Court of Australia in a hearing scheduled for 2:15 pm (AWST) today. Pending court approval, the company plans to lodge the court’s orders with the Australian Securities and Investments Commission on December 21, with the scheme becoming effective on that same date.
Expressing optimism about the merger, Livent’s President and CEO, Paul Graves, remarked, “The resounding support from Livent and Allkem shareholders underscores the compelling value proposition of Arcadium Lithium. We eagerly anticipate finalizing the merger and exploring avenues to create sustained, long-term value for all stakeholders.”
Upon successful implementation of the scheme, trading of Allkem shares on the ASX will be suspended starting December 21.
Peter Coleman, Allkem’s Chair, highlighted, “The fusion of Allkem and Livent is anticipated to forge a seamlessly integrated business model, bolstering operational flexibility and reliability. This alignment is expected to unlock increased value across the lithium value chain.”
Coleman further emphasized, “The combined entity will boast an attractive geographic presence and enhanced capacity to mitigate risks and expedite growth, supported by a deeper pool of technical expertise, capital resources, and project proficiency.”
“We anticipate the realization of substantial synergies, offering an enriched value proposition for shareholders, customers, employees, and local communities. Our steadfast commitment revolves around sustainable and responsible growth,” added Coleman.
