Original article by Nick Evans, Valerina Changarathil
The Australian – Page: 13 & 16 : 27-Feb-24

US-based Alcoa is offering 0.02854 of its shares for every share in Alumina Limited, its joint venture partner in the Alcoa World Alumina & Chemicals business. The all-scrip bid values Alumina at $US2.2bn ($3.4bn), and the offer represents a 13.1 per cent premium to Alumina’s last trading price. The bid has the support of Alumina’s board, as well as the target’s largest shareholder, Allan Gray Australia. China-based CITIC could potentially determine the outcome of the bid, given that it has a stake of about 19 per cent in Alumina.

CORPORATES
ALUMINA LIMITED – ASX AWC, ALCOA INCORPORATED, ALCOA WORLD ALUMINA AND CHEMICALS, CITIC LIMITED