Alcoa Reached Binding Agreement to Acquire Alumina Limited

The terms of the agreement are consistent with the previously agreed and announced transaction process deed.

SEATTLE (Scrap Monster): Pittsburgh-based Alcoa announced that it has entered into a binding Scheme Implementation Deed with Alumina Limited towards acquisition of the latter in an all-scrip, or all-stock, transaction. The terms of the agreement are consistent with the previously agreed and announced transaction process deed.

The company had earlier entered into an agreement to acquire Australian peer Alumina Limited for $2.2 billion. Accordingly, Alumina Limited shareholders would receive consideration of 0.02854 Alcoa shares for each Alumina Limited share. Upon closing of the transaction, Alumina Limited shareholders would own 31.25 percent, and Alcoa shareholders would own 68.75 percent of the combined company.

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The Alumina Limited Board of Directors has recommended that Alumina Limited shareholders vote in favor of the Agreement in the absence of a superior proposal and subject to an independent expert concluding that the transaction is in the best interests of Alumina Limited shareholders. Also,the independent directors of Alumina Limited and its MD and CEO intend to vote all shares of Alumina Limited held or controlled by them in favor of the agreement.

William F. Oplinger, Alcoa’s President and CEO noted that the binding Scheme Implementation Deed is an important milestone in its journey to provide enhanced value creation opportunities.

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