Rio Tinto, the Anglo-Australian mining company, has announced its acquisition of the lithium chemicals company Arcadium Lithium for $6.7 billion. The sale of Arcadium was confirmed after the scheme of arrangement was sanctioned by the Royal Court of Jersey on 5 March, the company said. But it has reportedly ruled back on its $5 billion share sale which was said to be funding the acquisition, according to sources close to the situation. The proposed equity offering, which would have addressed a shareholder imbalance, was rejected by investors in a meeting. The pushback led to the CEO Jakob Stausholm cancelling the plans, they claimed to Bloomberg. Arcadium Lithium will be rebranded into Rio Tinto Lithium, now wholly owned by Rio Tinto, as an energy transition materials supplier and lithium producer, it said. The company said it aims to grow the capacity of its Tier 1 assets to over 200,000 tonnes per year of lithium carbonate equivalent by 2028.