Alcoa Updated on Transaction Milestones for Alumina Acquisition

SEATTLE (Scrap Monster): Alcoa Corporation announced that it has reached several key transaction milestones in its proposed acquisition of Alumina Limited. The company expects to complete the acquisition on or about 1^st August, 2024, subject to customary closing conditions.

The company has filed its definitive proxy statement with the Securities and Exchange Commission (SEC) on June 6, 2024. A special meeting of shareholders has been scheduled on July 16, 2024 to vote on the transaction.

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Alcoa received regulatory approvals from Brazil’s Administrative Council for Economic Defense (CADE) on May 13, 2024. Furthermore, the Australian Competition and Consumer Commission has notified that it does not intend to conduct a public review of the transaction, said the company press release.

Additionally, Alumina Limited has registered its Scheme Booklet with the Australian Securities and Investments Commission (ASIC). The Scheme Booklet will be sent to Alumina shareholders following orders from the Federal Court of Australia on June 7, 2024. The shareholders are slated to vote on the acquisition July 18, 2024. A second court hearing to approve the results of the shareholder vote will be held on July 22, 2024.

The acquisition transaction is subject to approval by shareholders by both the companies and receipt of approval from Australia’s Foreign Investment Review Board.