Alumina Limited Transaction

On August 1, 2024, Alcoa Corporation completed its acquisition of Alumina Limited (Alumina).

“The acquisition of Alumina Limited is a strategic business move as we strive to become the world’s premier aluminum company,” said William F. Oplinger, Alcoa’s President and CEO. “This acquisition marks a significant milestone in Alcoa's journey to enhance our position as a leading pure play upstream aluminum company.”

Transaction Details

Under the all-scrip, or all-stock, transaction, Alumina shareholders received consideration of 0.02854 Alcoa shares for each Alumina share (the “Agreed Ratio”).

Alumina shareholders’ interests in Alcoa shares will generally be in the form of Clearing House Electronic Sub-register System (“CHESS”) Depositary Interests (“CDIs”) that represent a unit of beneficial ownership in a share of Alcoa common stock, which allows Alumina Limited shareholders to trade Alcoa common stock via CDIs on the Australian Stock Exchange (“ASX”). Alcoa has established a secondary listing on the ASX with the ticker of “AAI.” The CDIs will begin trading on the ASX on a normal basis on August 2, 2024.

Key Benefits of the Acquisition

Market leadership:

The combined entity solidifies Alcoa's position as a leading global supplier of alumina, enhancing its competitive edge in key markets. The acquisition increases Alcoa’s exposure to its core, tier-1 bauxite and alumina business, and provides Alumina Limited shareholders with exposure to Alcoa’s global aluminum business.

Operational efficiency:

By integrating Alumina's interests, Alcoa anticipates achieving synergies through simplified corporate governance, resulting in greater operational flexibility and strategic optionality.

Commitment to Western Australia:

Alcoa operations in Western Australia are a key component of the Company’s portfolio, and this acquisition deepens the portfolio.