Alcoa Corporation
Alcoa Announces Agreement to Sell 25.1% Stake in Ma'aden Joint Venture
Summary
On September 15, 2024, Alcoa Corporation announced the entry into a share purchase and subscription agreement with Saudi Arabian Mining Company (Ma'aden). Under the terms of the Agreement, Alcoa will sell its 25.1% ownership interest in each of its joint ventures with Ma'aden, comprising the Ma'aden Bauxite and Alumina Company and the Ma'aden Aluminium Company, to Ma'aden in exchange for 85,977,547 shares of Ma'aden valued at $950 million and $150 million in cash, totaling approximately $1.1 billion. The transaction is expected to close in the first half of 2025, subject to regulatory approvals, approval by Ma'aden's shareholders, and other customary closing conditions.
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About Alcoa Corporation
Alcoa Corporation is a premier global producer of aluminum, a key metal used extensively across various industries such as automotive, aerospace, construction, and packaging. Alcoa’s operations encompass the production of bauxite, mining, refining alumina, and the smelting and processing of aluminum products. Headquartered in Pittsburgh, Pennsylvania, Alcoa is known for its comprehensive supply chain management within the industry, contributing to its efficiency and competitive edge. The company holds a significant role in advancing sustainable practices in metal production, targeting reduced carbon emissions and increased recycling efforts. Innovations by Alcoa in aluminum solutions have made it pivotal in lightweighting applications, particularly in automotive and aerospace sectors, where reducing weight enhances fuel efficiency and performance. As one of the world's largest and most recognized aluminum companies, Alcoa Corporation contributes to global manufacturing capabilities, making it an integral player in both the primary and fabricated aluminum markets.
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