Alcoa makes $2.2 billion bid for Australian partner Alumina

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US aluminum producer Alcoa Corp. made a $2.2 billion offer to acquire its Australian joint-venture partner Alumina Ltd. to consolidate ownership of key upstream assets with long-term demand for the metal forecast to rise.

Buying its junior partner would give Alcoa full control of Alcoa World Alumina & Chemicals, the world’s largest producer of the semi-processed form of the metal. The offer comes about five months after Alcoa shook up its management amid struggles with operational and permitting setbacks in Australia for its bauxite mining business. It also announced plans in January to halt production at its Kwinana alumina plant in Western Australia to cut costs.

“The stars are aligned for the process to progress to completion, as Alumina is recommending the deal,” Morgan Stanley analysts including Rahul Anand said in a note. “There are unlikely to be other interested parties given the commodity being niche and also the underlying business shareholding being a minority , of which Alcoa already owns the majority.”

 

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