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AAP
AAP
Business
Derek Rose

Aussie shares edge up as Rio seals $10b lithium deal

Losses by energy and material companies have outweighed gains elsewhere on the local stock market. (Bianca De Marchi/AAP PHOTOS)

The local bourse has finished slightly higher, but the day's real highlight is a blockbuster acquisition announced just after the market closed.

Rio Tinto said late on Wednesday afternoon it had agreed to pay $9.9 billion for US-based, ASX-listed lithium giant Arcadium in an all-cash transaction at a 90 per cent premium.

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