Alcoa Reached Strategic Agreement to Acquire Alumina Limited

Upon completion of the agreement, Alumina Limited shareholders would own 31.25 percent of the combined company, whereas the remaining 68.75% will be owned by Alcoa shareholders.

SEATTLE (Scrap Monster): Alcoa announced that it has entered into an agreement to acquire Australian peer Alumina Limited for $2.2 billion. The leading U.S. aluminum producer made an all-stock buyout proposal for its joint venture partner, under which Alumina Limited shareholders would receive consideration of 0.02854 Alcoa shares for each Alumina Limited share.

The transaction is expected to further enhance Alcoa’s position as one of the world’s largest bauxite and alumina producers. Also, the transaction would result in significant and long-term value creation for shareholders of both the companies, as a result of enhanced operational flexibility.

Under the terms of the agreement, both the companies intend to finalize and enter into a scheme implementation agreement for the all-stock transaction. Upon completion of the agreement, Alumina Limited shareholders would own 31.25 percent of the combined company, whereas the remaining 68.75% will be owned by Alcoa shareholders.

William F. Oplinger, Alcoa’s President and CEO commented that the company is pleased to have entered into the transaction process and exclusivity deed to finalize the terms of the transaction. The acquisition would build on its previously stated commitment to Western Australia and provide significant benefits to employees, customers and communities.

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