Summary by Moomoo AI
Alcoa Corporation has successfully completed its acquisition of Alumina Limited, strengthening its position as a global leader in bauxite and alumina production. The all-stock transaction, valued at approximately $2.8 billion, gives Alcoa full ownership of the Alcoa World Alumina and Chemicals (AWAC) joint venture.Under the terms of the deal, Alumina Limited shareholders received 0.02854 Alcoa shares for each Alumina share, resulting in the issuance of 78,772,422 new Alcoa common shares and 4,041,989 non-voting preferred shares. The acquisition is expected to enhance Alcoa's financial and operational flexibility, providing greater control over its upstream aluminum business.Alcoa's President and CEO, William F. Oplinger, emphasized the strategic importance of the acquisition, stating it strengthens the company's position as one of the world's largest bauxite and alumina producers. The transaction is anticipated to create long-term value through improved operational synergies and simplified corporate governance.
