Allkem and Livent shareholders have voted to approve the proposed merger of the lithium giants.
The merger is now expected to close on January 4 and begin operating under the name Arcadium Lithium.
“Arcadium Lithium will have the scale and expertise to meet the rapidly growing demand for lithium chemical products and the product flexibility required by customers while remaining committed to the delivery and execution of a significant growth pipeline,” Allkem managing director and chief executive officer Martin Perez de Solay said.
Allkem will today apply to the Federal Court of Australia for approval of the scheme to merge the companies in a hearing scheduled for 2:15 pm (AWST).
Pending approval, Allkem will lodge a copy of the court’s orders with the Australian Securities and Investments Commission on December 21, with the scheme becoming effective on that date.
“The strong support of Livent and Allkem shareholders for this transformational merger is a testament to the compelling value proposition of Arcadium Lithium,” Livent president and chief executive officer Paul Graves said.
“We look forward to closing the merger and pursuing the opportunities to create greater long-term, sustainable value for all of our stakeholders.”
If the scheme is successful, Allkem shares will be suspended from trading on the ASX from December 21.
“The combination of Allkem and Livent is expected to create a highly complementary and vertically integrated business model to enhance operational flexibility and reliability, which is expected to result greater value capture across the lithium value chain,” Allkem chair Peter Coleman said.
“The combined group will have an attractive geographic footprint and greater capacity to de-risk and accelerate growth with a deeper pool of technical, capital and projects expertise.
“We expect the delivery of unique and significant synergies and overall an enhanced value proposition for shareholders, customers, employees and local communities, with a firm commitment to sustainability and responsible growth.”
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