A merger of equals between Australian lithium producer Allkem and US chemicals giant Livent has been concluded. 

The merged entity, reportedly valued at $10.6bn, is called Arcadium Lithium. 

Last month, Reuters reported that Allkem shareholders cleared the merger, with 90% of the overall votes in favour of the deal.  

With staff totalling more than 2,600 and combined revenues of approximately $1.9bn in 2022, Arcadium Lithium is one of the world's largest integrated lithium chemical producers. 

Trading of Arcadium Lithium ordinary shares has commenced on the New York Stock Exchange (NYSE) under the ticker "ALTM". 

The company also retains a foreign exempt listing on the Australian Securities Exchange (ASX), with trading set to begin on a normal settlement basis under the ticker "LTM" from 5 January 2024. 

Under the merger agreement, Allkem shareholders will receive one Arcadium Lithium ASX-listed CHESS Depositary Instrument (CDI) or one NYSE-listed share for each Allkem ordinary share, depending on their location and election. 

The company added that shareholders in certain ineligible jurisdictions will instead receive cash proceeds from the sale of their Arcadium Lithium CDIs post-closing. 

Livent shareholders have been allocated 2.406 Arcadium Lithium NYSE-listed ordinary shares for each Livent share they held, as part of the merger's exchange ratio. 

This strategic move is expected to enhance shareholder value and solidify Arcadium Lithium's market position. 

Arcadium Lithium CEO Paul Graves said: “As one of the leading global producers of lithium chemicals, Arcadium Lithium has the resources, scale and expertise to meet the growing needs of our rapidly changing industry. 

“We are a leader in every major lithium extraction process – from hard rock mining to conventional pond and DLE-based brine processing – and vertically integrated, from resource to chemical manufacturing, in strategic locations around the world. 

“This will open doors to new opportunities and strengthen our ability to deliver value to our customers, investors, employees and communities. It is a privilege for me to lead this great company forward with such an incredible team. 

“This transformational merger would not have been possible without the hard work and commitment of our integration planning teams over the past months. I want to thank them and all of our employees around the world for getting us to this position.”