Australia's Alumina jumps on $2.2 bln buyout offer from Alcoa

Alumina

25/02/2024 23:50

** Shares of Alumina Ltd  AWC.AX  jump as much as 8.8% to
A$1.110, posting their biggest intraday pct gain since Jan 10 
    ** Alumina producer receives non-binding, conditional buyout
offer from U.S. aluminium producer Alcoa  AA.N , valuing the co
at $2.2 bln
    ** Under the offer, AWC shareholders to receive 0.02854
shares of Alcoa common stock for each share held
    ** AWC shares hit their highest level since Feb 19 
    ** About 9.6 mln shares change hands vs the 30-day avg of
9.0 mln shares
    ** AWC up 12.7% YTD, as of last close

 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))