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Alcoa Makes $2.2 Billion Offer For Australia’s Alumina

U.S. aluminum giant Alcoa (AA) has made an offer to buy Australian aluminum producer Alumina (AWCMY) for $2.20 billion U.S.

In a news release, Alcoa said the acquisition will increase its share of the global markets for both alumina and bauxite. Alcoa already has a partnership arrangement in place with Alumina.

Under terms of the deal, Alcoa will buy Alumina in an all-stock deal. Alumina’s board of directors has recommended that its shareholders support the deal.

The acquisition is a bet that demand for commodities, particularly alumina and bauxite that are key ingredients for making the metal aluminum, will grow as the world transitions away from fossil fuels.

Alcoa said the purchase of Alumina will increase its ownership of some of the world’s largest bauxite mines and alumina refineries.

The acquisition is subject to a vote by Alumina shareholders, as well as regulatory approval. An expected closing date for the deal has not been announced.

Alcoa’s stock has declined 45% over the last 12 months to trade at $26.52 U.S. per share. Alumina’s share price has fallen 26% in the past year to $1.09 Australian dollars ($0.71 U.S.).