Alcoa Updates on Key Milestones in Alumina Limited Acquisition Process

Alcoa Corporation (NYSE: AA or “Alcoa”) announced on 11 June 2024 that it has achieved several important milestones in its acquisition of Alumina Limited (“Alumina”). The transaction is expected to be finalized on or around August 1, 2024, pending the fulfillment of customary conditions.

The milestones include several significant steps towards finalizing the acquisition of Alumina Limited by Alcoa Corporation. On June 6, 2024, Alcoa filed its definitive proxy statement with the Securities and Exchange Commission and scheduled a Special Meeting of Shareholders for July 16, 2024, to vote on the transaction. Regulatory approvals were secured from Brazil's Administrative Council for Economic Defense (CADE) on May 13, 2024, and the Australian Competition and Consumer Commission indicated it would not conduct a public review of the transaction. Additionally, Alumina registered its Scheme Booklet with the Australian Securities and Investments Commission (ASIC). Following orders from the Federal Court of Australia on June 7, 2024, the Scheme Booklet will be dispatched to Alumina shareholders, who will vote on the acquisition on July 18, 2024. If the shareholder vote is successful, a second court hearing to approve the results will be held on July 22, 2024.

"I am very pleased with the progress our team is making toward completing this value-enhancing transaction with Alumina Limited," said Alcoa President and CEO William F. (Bill) Oplinger. "Acquiring Alumina Limited aligns with our long-term strategy to strengthen our position as a leading pure-play, upstream aluminum company on a global scale. We anticipate significant long-term benefits for the shareholders of both companies, as well as for broader stakeholders and communities, following the transaction's completion."

The court proceedings are a mandatory part of the statutory process in Australia, necessary to convene Alumina shareholders for a vote on the acquisition.

On June 11, 2024 (AEST), following the registration of the Scheme Booklet with ASIC, the Independent Expert Report (IER) along with the Scheme Booklet was publicly released on the ASX. The IER affirms that the transaction is deemed fair and reasonable, thus representing the best interests of Alumina shareholders in the absence of a superior proposal.

Approval from both companies’ shareholders and clearance from Australia’s Foreign Investment Review Board are still required for the transaction to proceed. Notably, the transaction does not hinge on conditions related to due diligence or financing.

Alcoa (NYSE: AA) is a renowned global leader in bauxite, alumina, and aluminum products, dedicated to reshaping the aluminum industry for a sustainable future. Guided by core values such as integrity, operational excellence, concern for people, and bold leadership, the company's mission is to harness raw potential and drive tangible progress. Since pioneering the process that made aluminum accessible and integral to modern living, Alcoa's skilled workforce has continuously innovated and implemented best practices, resulting in enhanced efficiency, safety, sustainability, and empowered communities across its operational footprint.