Alcoa reaches key milestones in Alumina acquisition

Alumina extracted from bauxite.
Alumina extracted from bauxite.

Alcoa Corporation (Alcoa) has reached key milestones in its acquisition of Alumina (ASX: AWC) and expects to complete the transaction on or about August 1, 2024.

These milestones include:

  • filing its definitive proxy statement with the Securities and Exchange Commission (SEC) on June 6, this year, with a shareholder meeting scheduled for mid-July to vote on the transaction;
  • regulatory approvals from Brazil’s Administrative Council for Economic Defence (CADE) for the acquisition on May 13, this year and for which the Australian Competition and Consumer Commission will not conduct a public review of the transaction;
  • Alumina registering its scheme booklet with ASIC and distributing it to its shareholders before the vote on July 18, this year. with the Federal Court of Australia ordering the dispatch.
Alcoa alumina refinery in Wagerup, WA.
Alcoa alumina refinery in Wagerup, WA.

Alcoa president and chief executive officer William F. (Bill) Oplinger comments on this.

“I am very pleased with the progress our team is making to complete this value-enhancing transaction with Alumina Limited,” he said.

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

“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.”

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