Australia's Alumina jumps after agreeing to $2.2 bln all-stock buyout offer

Alumina

12/03/2024 01:24

** Shares of Alumina Ltd  AWC.AX  up 9.6% at A$1.288, their
highest since Aug 22, 2023
    ** AWC says it has agreed to the all-stock buyout offer from
U.S. aluminium producer Alcoa  AA.N  for a $2.2 billion 
    ** Terms of the deal are consistent with Alcoa's offer
announced on Feb. 26, and offers a 13% premium to Alumina's last
closing price on Feb. 23
    ** Co board recommended that shareholders vote in favour of
the deal, in the absence of a superior proposal
    ** Stock up ~30% YTD as of last close
 

 (Reporting by Ayushman Ojha in Bengaluru)
 ((Ayushman.ojha@thomsonreuters.com;))