Alcoa And Alumina Enter Into Amended Scheme Of Implementation Deed; Remains On Schedule For Completion In Q3 2024; Allan Gray Australia Reiterates Support Of The Transaction
Portfolio Pulse from Benzinga Newsdesk
Alcoa Corp. (NYSE:AA) and Alumina Limited have entered into an amended Scheme of Implementation Deed, with the transaction expected to complete in Q3 2024. Allan Gray Australia supports the transaction. CITIC Group will receive a portion of its consideration in non-voting convertible preferred stock to comply with U.S. regulations.
May 20, 2024 | 8:39 pm
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Alcoa Corp. (NYSE:AA) has amended its Scheme of Implementation Deed with Alumina Limited, with the transaction expected to complete in Q3 2024. Allan Gray Australia supports the transaction. CITIC Group will receive a portion of its consideration in non-voting convertible preferred stock to comply with U.S. regulations.
The amendment to the Scheme of Implementation Deed and the support from Allan Gray Australia are positive signals for the transaction's completion. The issuance of non-voting shares to CITIC Group to comply with U.S. regulations removes a potential regulatory hurdle, which is likely to be viewed favorably by investors.
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