On July 16, 2024, Alcoa Corporation announced the preliminary voting results of its Special Meeting of Stockholders, at which the stockholders approved the Company's issuance of shares in connection with the proposed acquisition of Alumina Limited ("Alumina") by way of a scheme of arrangement ("Scheme").
Approximately 99 per cent of Alcoa shares present at today's Special Meeting of Stockholders voted in favour of issuing shares of Alcoa stock in connection with the transaction. Final voting results will be reported on a Form 8-K that the Company will file with the U.S. Securities and Exchange Commission within four business days.
The proposed acquisition, when complete, will strengthen Alcoa's position as one of the world's largest bauxite and alumina producers, with increased ownership of core, tier-one assets, resulting in significant and long-term value creation from greater financial and operational flexibility.
"The strong support from our stockholders reflects their recognition of this strategic step to enhance Alcoa's global position as a leading pure-play, upstream aluminium company," said William F. Oplinger, President and Chief Executive Officer of Alcoa Corporation. "We are pleased to have reached this important milestone in the transaction."
Alumina shareholders will consider and vote on the Scheme on July 18, 2024. The Scheme is then subject to approval by the Federal Court of Australia at a hearing scheduled for July 22, 2024. The transaction is expected to close on or about August 1, 2024.
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