Final approval for Alcoa’s Alumina acquisition

Chloe Courtade

July 23, 2024

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Final approval for Alcoa’s Alumina acquisition

Alcoa says the acquisition will strengthen their position as one of the world’s largest bauxite and alumina producers.

The Federal Court of Australia has approved the Alcoa Corporation’s acquisition of Alumina Limited (ASX: AWC).

The acquisition is now legally effective, making July 23 the last day of trading for Alumina shares on the ASX.

The acquisition is expected to be implemented on August 1 in line with the first day of trading for new Alcoa shares on the NYSE.

Following implementation, eligible Alumina shareholders will receive 0.02854 new Alcoa CDIs for each Alumina share held on the scheme record date of July 25.

In a June 11 statement, Alcoa president and chief executive William F. Oplinger said the transaction is value-enhancing.

“Acquiring Alumina Limited aligns with our long-term strategy to bolster our position as a leading pure play, upstream aluminium company globally,” he said.

“We are looking forward to realising the long-term benefits of the transaction to both companies’ shareholders and broader stakeholders and communities following the completion.”