"Allkem and Livent ... have operating and development assets...

"Allkem and Livent ... have operating and development assets that are in relatively close proximity in Argentina and Canada, creating opportunities for shared infrastructure, coordinated operations, and more efficient logistics," the Kroll report said.

"Such proximity can lead to more efficient resource utilisation, cost savings, and capital expenditure savings, creating a particular set of synergies that are not as readily achievable when assets are geographically dispersed."

Just to underline the unchartered waters we will be heading into with the ex-Goldman Sachs, Pall the pom, as the designated CEO of Arcadium:

Allkems' Martin MD made a point of the synergies available between Allkem's James Bay project and Livent's Whabouchi project in Quebec. What the Independent Expert said regarding synergies is exactly what Martin MD has been saying.

Allkem's boss of the Mt Cattlin project also emphasised this, that the proximity of the two projects in Quebec will generate significant synergies.

In contrast, Thomas the Tank Engine aka Pall Graves, current CEO of Livent dismissed there would be synergies in Quebec and observed they are two separate mines (he said this during the Q&A session when the proposed merger was first announced). He clearly was talking out of his backside from a nil knowledge base then, hopefully he has subsequently sat down and read his briefing papers or at least had a chat with someone who has a clue.

Also, Livent missing expected results in the last quarter is pretty much standard fare for Livent under the baton of Mr Graves. Livent has underperformed ever since it was cut free from FMC Corporation in 2018. I will point out that Mr Graves has been in charge of Livent during that whole time.