Alcoa acquires Alumina

Alcoa says the acquisition increases Alcoa’s economic exposure to its core, tier-1 bauxite and alumina business and provides Alumina shareholders with exposure to Alcoa’s global aluminium business.
Alcoa says the acquisition increases Alcoa’s economic exposure to its core, tier-1 bauxite and alumina business and provides Alumina shareholders with exposure to Alcoa’s global aluminium business.

Alcoa Corporation (ASX: AAI) has completed its acquisition of Alumina, cementing itself as a leading pure play, upstream aluminium company.

Alcoa president and chief executive William F. Oplinger says the company is proud to announce the completion of its first major acquisition.

“The acquisition of Alumina strengthens Alcoa’s position as one of the world’s largest bauxite and alumina producers and is expected to result in long-term value creation from greater financial and operational flexibility,” he said.

“I want to thank both the Alcoa and Alumina teams, and our advisors, for full cooperation and diligence in closing this transformational transaction on a very tight schedule.”

Following the acquisition, the Alcoa World Alumina and Chemicals (AWAC) joint venture, which Alcoa previously held a 60% ownership interest in, is now fully owned and controlled by Alcoa.

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