Alcoa makes US$2.2bil bid for Australian partner Alumina

The Australian company’s board said it plans to support the offer if the sides get to a definitive agreement following further discussions. — Reuters

SYDNEY: Alumina producer Alcoa Corp has entered exclusive takeover talks with Australian joint-venture partner Alumina Ltd, after making a US$2.2bil offer.

Alcoa has proposed a deal offering 0.02854 of its shares for each of Alumina’s, the company said yesterday, marking a 13.1% premium to its share price on Feb 23.