Australia's South32 jumps on up to $5.6 billion aluminium asset sale to Alcoa
BUZZ-Australia's South32 jumps on up to $5.6 billion aluminium asset sale to Alcoa ** Shares of South32 RIC advance up 10% to A$4.29, their biggest pct gain since April 10, 2025, in early trade
** S32 ranks among ASX200’s .AXJO top gainers even as the benchmark holds flat
** Diversified miner strikes a deal to divest the bulk of its aluminium portfolio to Alcoa AA.N for an implied enterprise value of up to $5.6 billion, marking a decisive step in streamlining its operations
** Under the pact, Alcoa will take over S32’s stakes across Worsley Alumina in Australia, Hillside in South Africa, and key Brazilian bauxite, alumina, and aluminium operations
** Deal, slated for 2H27 completion, will pave the way for a ~$500 million fully franked special dividend as S32 rewards shareholders post-divestment
** YTD, stock up 19.4% vs AXJO's gain of 0.8%
(Reporting by Kumar Tanishk in Bengaluru)
((Tanishk.Kumar@thomsonreuters.com; X: @thatstanishk http://www.x.com/thatstanishk;))
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