UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
October 9, 2024
ARCADIUM LITHIUM PLC
(Exact name of registrant as specified in its
charter)
| Bailiwick of Jersey |
001-38694 |
98-1737136 |
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(State or other jurisdiction of
incorporation or organization)
|
(Commission File Number) |
(I.R.S. Employer
Identification No.)
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1818 Market Street,
Suite 2550
Philadelphia, PA
United States
19103
|
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Suite 12, Gateway Hub
Shannon Airport House
Shannon, Co. Clare
Ireland
V14 E370
|
(Address of principal executive offices, including
zip code)
| 215-299-5900 |
|
353-1-6875238 |
Registrant’s telephone number, including
area code
N/A
(Former name or former address, if changed since
last report)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
| ☒ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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| ☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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| ☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
| Ordinary Shares, par value $1.00 per share |
ALTM |
New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange
Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act. ☐
Item 7.01. Regulation FD Disclosure.
On October 9, 2024, Arcadium Lithium plc (the
“Company” or “Arcadium”) and Rio Tinto issued a joint press release announcing the entry into a
Transaction Agreement (the “Transaction Agreement”), dated as of October 9, 2024, by and among the Company, Rio Tinto
Western Holdings Limited (“Parent”) and Rio Tinto BM Subsidiary Limited (“Buyer”), pursuant to which,
subject to the satisfaction or waiver of the conditions set forth therein and in accordance with a scheme of arrangement (the “Scheme”)
under the Companies (Jersey) Law 1991, at the effective time, all of the ordinary shares, par value $1.00 per share, of the Company (the
“Company Shares”), including the Company Shares represented by CHESS depositary interests issued by the Company and
listed on the financial market operated by ASX Limited, then outstanding shall be transferred from the shareholders of the Company to
Buyer (or an Affiliate of Buyer designated by Buyer in accordance with the terms of the Scheme) in exchange for the right to receive an
amount in cash, without interest, equal to $5.85 per Company Share (the “Transaction”). The press release is
attached hereto as Exhibit 99.1.
The information in Item 7.01 is being furnished
and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing
made by the Company under the Securities Act of 1933, as amended or the Exchange Act, except as otherwise set forth herein or as shall
be expressly set forth by specific reference in such a filing.
Additional Information and Where to Find It
In connection with the Transaction, Arcadium plans
to file with the United States Securities and Exchange Commission (the “SEC”) a proxy statement on Schedule 14A (the
“Proxy Statement”). This Form 8-K is not a substitute for the Proxy Statement or any other document that Arcadium may
file with the SEC and send to its shareholders in connection with the Transaction. Before making any voting decision, Arcadium’s
shareholders are urged to read all relevant documents filed or to be filed with the SEC, including the Proxy Statement, as well as any
amendments or supplements to those documents, when they become available, because they will contain important information about Arcadium
and the Transaction.
Arcadium’s shareholders will be able to
obtain a free copy of the Proxy Statement, as well as other filings containing information about Arcadium, free of charge, at the SEC’s
website (www.sec.gov). Copies of the Proxy Statement and other documents filed by Arcadium with
the SEC may be obtained, without charge, by contacting Arcadium through its website at https://ir.arcadiumlithium.com/.
Participants in the Solicitation
Arcadium, Rio Tinto, their respective directors, executive officers
and other persons related to Arcadium or Rio Tinto may be deemed to be participants in the solicitation of proxies from Arcadium’s
shareholders in connection with the Transaction. Information about the directors and executive officers of Arcadium and their ownership
of ordinary shares of Arcadium is set forth in Arcadium’s annual report on Form 10-K, as amended, for the fiscal year ended December
31, 2023, which was filed with the SEC on February 29, 2024 and amended on April 1, 2024 and April 29, 2024, and is set forth in its
proxy statement for its 2024 annual meeting of shareholders, which was filed with the SEC on June 7, 2024 and information about the directors
and executive officers of Rio Tinto and their ownership of ordinary shares of Rio Tinto is set forth in Rio Tinto’s Annual Report
on Form 20-F, for the fiscal year ended December 31, 2023, which was filed with the SEC on February 23, 2024. Additional information
regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or
otherwise, will be included in the Proxy Statement and other relevant materials to be filed with the SEC in connection with the Transaction
when they become available. Free copies of these documents may be obtained as described in the preceding paragraph.
Forward-Looking Statements
This Form 8-K, and any related oral statements, may include “forward-looking
statements” within the meaning of, and subject to the safe harbor created by, the federal securities laws, including statements
related to the proposed Transaction, including financial estimates and statements as to the expected timing, completion and effects of
the Transaction. These forward-looking statements are based on Arcadium’s current expectations, estimates and projections regarding,
among other things, the expected date of closing of the Transaction and the potential benefits thereof, its business and industry, management’s
beliefs and certain assumptions made by Arcadium, all of which are subject to change. Forward-looking statements often contain words such
as “expect,” “anticipate,” “intend,” “aims,” “plan,” “believe,”
“could,” “seek,” “see,” “will,” “may,” “would,” “might,”
“considered,” “potential,” “estimate,” “continue,” “likely,” “expect,”
“target,” “project,” or similar expressions or the negatives of these words or other comparable terminology that
convey uncertainty of future events or outcomes. By their nature, forward-looking statements address matters that involve risks and uncertainties
because they relate to events and depend upon future circumstances that may or may not occur, such as the consummation of the Transaction
and the anticipated benefits thereof. These and other forward-looking statements, as well as any related oral statements, are not guarantees
of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those
expressed in any forward-looking statements. Important risk factors that may cause such a difference include, but are not limited to:
(i) the completion of the Transaction on anticipated terms and timing, including obtaining required shareholder and regulatory approvals,
and the satisfaction of other conditions to the completion of the Transaction; (ii) potential litigation relating to the Transaction that
could be instituted by or against Arcadium, Parent, Buyer or their respective affiliates, directors or officers, including the effects
of any outcomes related thereto; (iii) the risk that disruptions from the Transaction will harm Arcadium’s business, including current
plans and operations; (iv) the ability of Arcadium to retain and hire key personnel; (v) potential adverse reactions or changes to business
or governmental relationships resulting from the announcement or completion of the Transaction; (vi) continued availability of capital
and financing and rating agency actions; (vii) legislative, regulatory and economic developments affecting Arcadium’s business;
(viii) general economic and market developments and conditions; (ix) certain restrictions during the pendency of the Transaction that
may impact Arcadium’s ability to pursue certain business opportunities or strategic transactions; (x) unpredictability and severity
of catastrophic events, including but not limited to acts of terrorism, pandemics, outbreaks of war or hostilities, as well as Arcadium’s
response to any of the aforementioned factors; (xi) significant transaction costs associated with the Transaction; (xii) the possibility
that the Transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; (xiii)
the occurrence of any event, change or other circumstance that could give rise to the termination of the Transaction, including in circumstances
requiring Arcadium to pay a termination fee or other expenses; (xiv) competitive responses to the Transaction; (xv) Arcadium’s management
response to any of the aforementioned factors; (xvi) the risks and uncertainties pertaining to Arcadium’s business, including those
set forth in Arcadium’s most recent Annual Report on Form 10-K and its subsequent Quarterly Reports on Form 10-Q, as such risk factors
may be amended, supplemented or superseded from time to time by other reports filed or furnished by Arcadium with the SEC; and (xvii)
the risks and uncertainties that will be described in the Proxy Statement available from the sources indicated above. These risks, as
well as other risks associated with the Transaction, will be more fully discussed in the Proxy Statement. While the list of factors presented
here is, and the list of factors to be presented in the Proxy Statement will be, considered representative, no such list should be considered
a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization
of forward-looking statements. Consequences of material differences in results as compared with those anticipated in the forward-looking
statements could include, among other things, business disruption, operational problems, financial loss, legal liability to third parties
and similar risks, any of which could have a material impact on Arcadium’s financial condition, results of operations, credit rating
or liquidity. These forward-looking statements speak only as of the date they are made, and Arcadium does not undertake to and specifically
disclaims any obligation to publicly release the results of any updates or revisions to these forward-looking statements that may be made
to reflect future event or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated
events.
Item 9.01. Financial Statements and Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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ARCADIUM LITHIUM PLC |
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By: |
/s/ Gilberto Antoniazzi |
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Gilberto Antoniazzi, |
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Vice President and Chief Financial Officer |
Dated: October 9, 2024
Exhibit 99.1
October 9, 2024
Dear Shareholders,
As Chairman of Arcadium Lithium, I wanted to directly address the definitive
agreement with Rio Tinto and outline why our Board of Directors believe this transaction is in your best interests.
As we highlighted last month at our investor day, Arcadium Lithium has
high-quality assets, a winning commercial strategy and robust growth plans. We are also facing challenging market conditions with the
outlook for lithium prices continuing to remain depressed.
While we remain very optimistic about the long-term outlook for lithium
as the energy transition continues, we believe the all-cash premium offer made by Rio Tinto is a full and fair one for our shareholders.
We arrived at this conclusion after conducting a comprehensive evaluation of Rio Tinto’s proposed transaction.
The immediate and substantial cash offer provides shareholders with
certainty and liquidity, allowing shareholders to realize the full value of our investment without the ongoing risks associated with potential
future market fluctuations.
Developing and expanding lithium production involves significant capital
investment, construction challenges, regulatory hurdles and market risks, including unprecedented price volatility driven by changing
global supply and demand dynamics. By accepting this proposed transaction from a larger, more diversified player, shareholders can avoid
these risks as well as potential delays or setbacks in project execution, in exchange for immediate returns. And our other stakeholders
get access to significant backing from Rio Tinto, a company renowned for its size, capabilities and global presence.
Arcadium Lithium and its predecessor companies have been driven by a
shared mission to support our customers through the global energy transition. By leveraging Rio Tinto's strong balance sheet, extensive
resources, diverse portfolio and expertise, we enhance the likelihood of successfully developing and operating our assets while supporting
the clean energy transition.
You will receive proxy materials in due course which will provide additional
information regarding the Transaction and on how to vote your shares. I encourage you to support this proposed transaction with Rio Tinto,
similar to your Board of Directors who have unanimously approved it.
On behalf of the Arcadium Lithium Board of Directors, we appreciate
your continued support.
Regards,
Peter Coleman
Chairman
| © 2024 Arcadium Lithium. All rights reserved | 1 |
Notice to ASX/LSE
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED
HEREIN ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION IN WHICH SUCH RELEASE,
PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
Rio Tinto
to acquire Arcadium Lithium
9 October 2024
World-class lithium
business to strengthen Rio Tinto’s position as global leader in
energy transition commodities
Counter-cyclical expansion
into a high-growth market, aligned with Rio Tinto’s long-term strategy and disciplined capital allocation framework
Rio Tinto’s scale,
project development capabilities and financial strength to unlock full potential of
Arcadium Lithium’s Tier 1 resource base
Rio Tinto and Arcadium Lithium plc (“Arcadium
Lithium” or “Arcadium”) (NYSE: ALTM) (ASX: LTM) today announced a definitive agreement (the “Transaction
Agreement”) under which Rio Tinto will acquire Arcadium in an all-cash transaction for US$5.85 per share (the “Transaction”).
The Transaction represents a premium of 90% to Arcadium’s closing price of $3.08 per share on 4 October 2024, a premium of 39%
to Arcadium’s volume-weighted average price (VWAP) since Arcadium was created on 4 January 2024, and values Arcadium’s diluted
share capital at approximately $6.7 billion1.
The Transaction will bring Arcadium’s
world-class, complementary lithium business into Rio Tinto’s portfolio, establishing a global leader in energy transition commodities
– from aluminium and copper to high-grade iron ore and lithium.
Arcadium is a global, fast-growing, vertically
integrated lithium chemicals producer with an asset base of long-life, low-cost operations and growth projects. It has leading capabilities
in lithium chemicals manufacturing and extraction processes, including hard-rock mining, conventional brine extraction and direct lithium
extraction. Arcadium’s current annual lithium production capacity across a range of products including lithium hydroxide and lithium
carbonate is 75,000 tonnes lithium carbonate equivalent2, with expansion plans in place to more than double capacity by the
end of 20283. Arcadium’s global operations, comprising approximately 2,400 employees, include facilities and projects
in Argentina, Australia, Canada, China, Japan, the United Kingdom and the United States.
Rio Tinto Chief Executive Officer Jakob Stausholm
said: “Acquiring Arcadium Lithium is a significant step forward in Rio Tinto’s long-term strategy, creating a world-class
lithium business alongside our leading aluminium and copper operations to supply materials needed for the energy transition. Arcadium
Lithium is
1 Includes conversion of all
outstanding convertible senior notes due 2025.
2 Excludes the Mt Cattlin
spodumene operation.
3 Source: Arcadium Lithium
company disclosures.
an outstanding business today and we will bring
our scale, development capabilities and financial strength to realise the full potential of its Tier 1 portfolio. This is a counter-cyclical
expansion aligned with our disciplined capital allocation framework, increasing our exposure to a high-growth, attractive market at the
right point in the cycle.
“We look forward to building on Arcadium
Lithium’s contributions to the countries and communities where it operates, drawing on the strong presence we already have in these
regions. Our team has deep conviction in the long-term value that combining our offerings will deliver to all stakeholders.”
Arcadium Lithium CEO Paul Graves said: “We
are confident that this is a compelling cash offer that reflects a full and fair long-term value for our business and de-risks our shareholders’
exposure to the execution of our development portfolio and market volatility. Arcadium Lithium is a leading global lithium producer with
the widest offering of lithium chemical products and a world-class manufacturing network, backed by a broad technology portfolio and expertise
in all aspects of the lithium value chain. This agreement with Rio Tinto demonstrates the value in what we have built over many years
at Arcadium Lithium and its predecessor companies, and we are excited that this transaction will give us the opportunity to accelerate
and expand our strategy, for the benefit of our customers, our employees, and the communities in which we operate.”
Compelling Strategic and Financial Rationale
The transaction will bring Rio Tinto’s
scale, development capabilities and financial strength to realise the full potential of the Arcadium portfolio.
| · | Tier 1 assets. Arcadium is one of the world’s leading global lithium platforms, with diversified production and processing
capabilities, a broad range of high-performance lithium products, a highly attractive suite of growth projects, and long-term blue-chip
customer relationships. Its Tier 1 assets have maintained high margins through-the-cycle, and its resource base is expected to support
~130% capacity growth by 2028 within Rio Tinto’s existing geographies2. Rio Tinto’s and Arcadium’s combined
assets will represent the world’s largest lithium resource base and make Rio Tinto one of the leading lithium producers globally
on a pro-forma basis. |
| · | Complementary capabilities. Rio Tinto has the balance sheet strength and proven project delivery capability to execute and,
over time, accelerate the full potential from Arcadium’s Tier 1 resource base. Rio Tinto and Arcadium have complementary footprints
and deep experience in Argentina and Quebec, where Rio Tinto expects to establish world-class lithium hubs with clear opportunities for
sharing skillsets and reducing costs. Combining Rio Tinto and Arcadium’s technological leadership in lithium extraction, the transaction
will position Rio Tinto to become a market leader in lithium processing. Rio Tinto looks forward to building on Arcadium’s
history of commercial excellence that includes multi-year relationships with leading OEMs and battery companies, by ensuring reliable,
low-cost and sustainable supply. |
| · | Compelling economics. The transaction offers compelling value driven by accelerating volume growth in a rising market contributing
to significantly higher EBITDA and free cash flow in the outer years, before anticipated synergies. Acquiring Arcadium is consistent
with Rio Tinto’s disciplined approach to capital allocation and will unlock significant value for shareholders, underpinned by the
financial strength that we will bring. Rio Tinto will maintain its strong balance sheet following the close of this transaction, in line
with its Single A credit rating, as well as its long track record of shareholder returns. Rio Tinto expects Arcadium’s projected
growth capital expenditure to represent approximately 5% of Rio Tinto’s group capital expenditure of up to $10 billion across 2025
and 2026. |
| · | Right timing. Rio
Tinto is confident in the long-term outlook for lithium, with more than 10% compound annual
growth rate in lithium demand expected through to 2040 leading to a supply deficit4.
With spot lithium prices down more than 80% versus peak prices, this counter-cyclical |
4 Benchmark Mineral Intelligence
(BMI) benchmark supply and demand forecast as of September 2024.
acquisition comes at a time with
substantial long-term market and portfolio upside, underpinned by an appealing market structure and established jurisdictions.
Transaction Details
The Transaction has been unanimously approved
by both the Rio Tinto and Arcadium Lithium Boards of Directors. The Transaction, which will be implemented by way of a Jersey scheme of
arrangement, is expected to close in mid-2025. Key conditions to closing of the Transaction include approval of Arcadium Lithium shareholders
and the Royal Court of Jersey. In addition, the Transaction is subject to receipt of customary regulatory approvals and other closing
conditions.
Rio Tinto BM Subsidiary Limited, an indirect
wholly owned subsidiary of Rio Tinto plc, will acquire the Arcadium Lithium shares pursuant to the Transaction Agreement.
Arcadium Lithium shareholders do not need to
take any action at the present time. A notice of meeting and proxy statement for the required meeting of Arcadium Lithium shareholders,
when available, will contain additional information regarding the Transaction. A majority in number of those Arcadium Lithium shareholders
present and voting, and representing at least 75% of the voting rights of all shares voted, will be required to complete the Transaction.
Full details of the terms and conditions of
the Transaction are set out in the Transaction Agreement, which may be obtained, free of charge, on the SEC's website (http://www.sec.gov)
when available, and Rio Tinto’s website at https://www.riotinto.com/en/invest/exchange-releases.
Conference Call
Rio Tinto and Arcadium Lithium management will
discuss the Transaction during a live webcast for investors and analysts at 9:30 AM BST on 9 October 2024.
Participants can access the live webcast at
https://edge.media-server.com/mmc/p/rzeiv2dj
or conference call at https://register.vevent.com/register/BIc28a9d251f054b4fbd6c5685102bf8d6
Transaction Website
Additional information regarding the Transaction,
including a Rio Tinto investor presentation, can be found at www.RioTintoAndArcadium.com.
As a result of its pending combination, Arcadium
Lithium will not hold an earnings conference call in connection with its third quarter financial results.
Advisors
Goldman Sachs and J.P. Morgan are acting as
financial advisors to Rio Tinto and Linklaters LLP is acting as lead legal advisor. Gordon Dyal & Co. is serving as lead financial
advisor and UBS Investment Bank as financial advisor to Arcadium Lithium, and Davis Polk & Wardwell LLP is serving as legal counsel.
About Arcadium Lithium
Arcadium Lithium is a leading global lithium
chemicals producer committed to safely and responsibly harnessing the power of lithium to improve people’s lives and
accelerate the transition to a clean energy future. Arcadium Lithium collaborates with their customers to drive innovation and power a
more sustainable world in which lithium enables exciting possibilities for renewable energy, electric transportation and modern life.
Arcadium Lithium is vertically integrated, with industry-leading capabilities across lithium extraction
processes, including hard-rock mining, conventional brine extraction
and direct lithium extraction (DLE), and in lithium chemicals manufacturing for high performance applications. They have operations around
the world, with facilities and projects in Argentina, Australia, Canada, China, Japan, the United Kingdom and the United States. For
more information, please visit www.ArcadiumLithium.com.
Important Notices
This announcement is for information purposes
only and is not intended to and does not constitute or form part of, an offer, invitation or the solicitation of an offer to purchase,
otherwise acquire, subscribe for, sell or otherwise dispose of any securities or the solicitation of any vote or approval in any jurisdiction
in contravention of applicable law. In connection with the Transaction, Arcadium Lithium will file with the US Securities and Exchange
Commission (the “SEC”) certain proxy materials, which shall constitute the scheme document and the proxy statement
relating to the proposed Transaction (the “proxy statement”).
The proxy statement will contain the full terms
and conditions of the Transaction, including details with respect to the Arcadium Lithium shareholder vote in respect of the Transaction
and will be sent or otherwise disseminated to Arcadium Lithium’s shareholders and will contain important information about the proposed
Transaction and related matters. Any decision in respect of, or other response to, the Transaction should be made only on the basis of
the information contained in the proxy statement.
SHAREHOLDERS OF ARCADIUM LITHIUM ARE ADVISED
TO READ THE PROXY STATEMENT AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION ABOUT THE PROPOSED TRANSACTION.
The proxy statement and other relevant documents
may be obtained, free of charge, on the SEC's website (http://www.sec.gov), when available. Arcadium Lithium’s shareholders may
obtain free copies of the proxy statement once it is available from Arcadium Lithium by going to Arcadium Lithium’s website at www.arcadiumlithium.com.
This announcement does not constitute a prospectus
or prospectus exemption document.
Goldman Sachs International ("Goldman
Sachs"), which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential
Regulation Authority in the United Kingdom, is acting exclusively for Rio Tinto and no one else in connection with the Transaction and
will not be responsible to anyone other than Rio Tinto for providing the protections afforded to clients of Goldman Sachs, or for providing
advice in relation to the matters referred to herein. Neither Goldman Sachs nor any of Goldman Sachs' subsidiaries, affiliates or branches
owes or accepts any duty, liability or responsibility whatsoever (whether direct, indirect, consequential, whether in contract, in tort,
under statute or otherwise) to any person who is not a client of Goldman Sachs in connection with this announcement, any statement contained
herein or otherwise.
J.P. Morgan Securities plc which is authorised
in the United Kingdom by the Prudential Regulation Authority (the “PRA”) and regulated by the PRA and the Financial Conduct
Authority and J.P. Morgan Securities LLC, which is a US registered broker dealer and regulated by the Financial Industry Regulatory Authority
(J.P. Morgan Securities plc and J.P. Morgan Securities LLC together “J.P. Morgan”) are acting as financial adviser exclusively
for Rio Tinto and no one else in connection with the Transaction and will not regard any other person as its client in relation to the
Transaction and will not be responsible to anyone other than Rio Tinto for providing the protections afforded to clients of J.P. Morgan
or its affiliates, nor for providing advice in relation to the Transaction or any other matter or arrangement referred to herein.
Participants in the Solicitation
Rio Tinto, Arcadium Lithium and certain of
their respective directors and officers may be deemed participants in the solicitation of proxies of Arcadium Lithium’s shareholders
in connection with the proposed Transaction. Additional information regarding the foregoing persons, including their direct and indirect
interests, by security holdings or otherwise, will be set forth in the proxy statement and other relevant documents to be filed with the
SEC. Arcadium Lithium’s shareholders and other interested persons may obtain, without charge, more detailed information regarding
the directors and officers of Arcadium Lithium in Arcadium Lithium’s Annual Report on Form 10-K/A for the fiscal year ended December
31, 2023, which was filed with the SEC on April 29, 2024, and regarding the directors and officers of Rio Tinto in Rio Tinto’s Annual
Report on Form 20-F, for the fiscal year ended December 31, 2023, which was filed with the SEC on February 23, 2024.
General
The release, publication or distribution of
this announcement in or into certain jurisdictions may be restricted by the laws of those jurisdictions. Accordingly, copies of this announcement
and all other documents relating to the Transaction are not being, and must not be, released, published, mailed or otherwise forwarded,
distributed or sent in, into or from any such jurisdictions. Persons receiving such documents (including, without limitation, nominees,
trustees and custodians) should observe these restrictions. Failure to do so may constitute a violation of the securities laws of any
such jurisdiction. To the fullest extent permitted by applicable law, the companies and persons involved in the Transaction disclaim any
responsibility or liability for the violations of any such restrictions by any person.
Forward Looking Statements
This announcement (including information incorporated
by reference in this announcement), oral statements made regarding the Transaction, and other information published by Arcadium Lithium,
Rio Tinto or any member of the Rio Tinto Group contain statements which are, or may be deemed to be, “forward looking statements”
within the meaning of Section 27A of the Securities Act and Section 21E of the US Securities Exchange Act of 1934. Such forward looking
statements are prospective in nature and are not based on historical facts, but rather on current expectations and on numerous assumptions
regarding the business strategies and the environment in which Rio Tinto, any member of the Rio Tinto Group or the enlarged group following
the Transaction (“Enlarged Group”) shall operate in the future and are subject to risks and uncertainties that could
cause actual results to differ materially from those expressed or implied by those statements. The forward looking statements contained
in this announcement relate to Rio Tinto, any member of the Rio Tinto Group or the Enlarged Group’s future prospects, developments
and business strategies, the expected timing and scope of the Transaction and other statements other than historical facts. In some cases,
these forward looking statements can be identified by the use of forward looking terminology, including the terms “believes”,
“estimates”, “will look to”, “shall look to”, “would look to”, “plans”, “prepares”,
“anticipates”, “expects”, “is expected to”, “is subject to”, “budget”, “scheduled”,
“forecasts”, “synergy”, “strategy”, “goal”, “cost-saving”, “projects”
“intends”, “may”, “will”, “shall”, or “should” or their negatives or other
variations or comparable terminology. Forward-looking statements may include statements relating to the following: (i) future capital
expenditures, expenses, revenues, earnings, synergies, economic performance, indebtedness, financial condition, dividend policy, losses
and future prospects; (ii) business and management strategies and the expansion and growth of Rio Tinto’s, any member of the Rio
Tinto Group or Arcadium Lithium’s operations and potential synergies resulting from the Transaction; and (iii) the effects of global
economic conditions and governmental regulation on Rio Tinto’s, any member of the Rio Tinto Group or Arcadium Lithium’s business.
By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that
shall occur in the future. These events and circumstances include changes in the global, political, economic, business, competitive, market
and regulatory forces, future exchange and interest rates, changes in tax rates and future business combinations or disposals and other
risks and uncertainties detailed in Rio Tinto’s filings with the SEC, including Rio Tinto’s Annual Report on Form 20-F, for
the fiscal year ended December 31, 2023, which was filed with the SEC on February 23, 2024. If any one or more of these risks or uncertainties
materialises or if any one or more of the assumptions prove incorrect, actual results may differ materially from those expected, estimated
or projected. Such forward looking statements should therefore be construed in the light of such factors. Neither Arcadium Lithium or
any of Rio Tinto or any member of the Rio Tinto Group, nor any of their
respective associates or directors, officers
or advisers, provides any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward
looking statements in this announcement shall actually occur. Given these risks and uncertainties, potential investors should not place
any reliance on forward looking statements.
Specifically, statements of estimated cost
savings and synergies relate to future actions and circumstances which, by their nature involve, risks, uncertainties and contingencies.
As a result, the cost savings and synergies referred to may not be achieved, may be achieved later or sooner than estimated, or those
achieved could be materially different from those estimated. Due to the scale of the Enlarged Group, there may be additional changes to
the Enlarged Group’s operations. As a result, and given the fact that the changes relate to the future, the resulting cost synergies
may be materially greater or less than those estimated.
The forward-looking statements speak only at
the date of this announcement. All subsequent oral or written forward-looking statements attributable to any member of the Rio Tinto Group
or Arcadium Lithium Group, or any of their respective associates, directors, officers, employees or advisers, are expressly qualified
in their entirety by the cautionary statement above.
Arcadium Lithium, the Rio Tinto Group and Rio
Tinto expressly disclaim any obligation to update such statements other than as required by law or by the rules of any competent regulatory
authority, whether as a result of new information, future events or otherwise.
No profit forecasts or estimates
No statement in this announcement is intended
as a profit forecast or estimate for any period and no statement in this announcement should be interpreted to mean that earnings or earnings
per share for Rio Tinto or Arcadium Lithium, as appropriate, for the current or future financial years would necessarily match or exceed
the historical published earnings or earnings per share for Rio Tinto or Arcadium Lithium, as appropriate.
LEI: 213800YOEO5OQ72G2R82
This announcement contains inside information.
This announcement is authorised for release
to the market by Andy Hodges, Rio Tinto’s Group Company Secretary.
Contacts
Please direct all enquiries to media.enquiries@riotinto.com
|
Media Relations,
United Kingdom
Matthew Klar
M +44 7796 630 637
David Outhwaite
M +44 7787 597 493 |
Media Relations,
Australia
Matt Chambers
M +61 433 525 739
Michelle Lee
M +61 458 609 322
Rachel Pupazzoni
M +61 438 875 469 |
Media Relations,
Canada
Vanessa Damha
M +1 514 715 2152
Malika Cherry
M +1 418 592 7293
Media Relations,
US
Jesse Riseborough
M +1 202 394 9480
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Investor Relations,
United Kingdom
David Ovington
M +44 7920 010 978
Laura Brooks
M +44 7826 942 797
Wei Wei Hu
M +44 7825 907 230 |
Investor Relations,
Australia
Tom Gallop
M +61 439 353 948
Amar Jambaa
M +61 472 865 948 |
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Arcadium Lithium contacts
Investors
Daniel Rosen
M +1 215 299 6208
daniel.rosen@arcadiumlithium.com
Phoebe Lee
M +61 413 557 780
phoebe.lee@arcadiumlithium.com |
Media
Karen Vizental
M+54 9 114 414 4702
karen.vizental@arcadiumlithium.com |
Teneo
Katherine Kim
M +61 439 288 212
katherine.kim@teneo.com
Mark Stokes
M +1 646 522 6268
mark.stokes@teneo.com |
|
Rio Tinto plc
6 St James’s Square
London SW1Y 4AD
United Kingdom
T +44 20 7781 2000
Registered in England
No. 719885 |
Rio Tinto Limited
Level 43, 120 Collins Street
Melbourne 3000
Australia
T +61 3 9283 3333
Registered in Australia
ABN 96 004 458 404 |
riotinto.com
Arcadium Lithium (PK) (USOTC:ARLTF)
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