The acquisition of Alumina Limited by Alcoa is a strategic move to enhance its market position and operational capabilities in the bauxite and alumina sectors. This all-stock transaction not only promises to create a stronger, more diversified company but also offers significant long-term value creation for shareholders. The support from Alumina Limited's largest shareholder, Allan Gray Australia, further solidifies the potential success and impact of this acquisition. Given these factors, the acquisition is likely to be viewed positively by the market, potentially leading to an increase in Alcoa's stock price in the short term.