Alumina Limited Modifies Alcoa Deal Terms

Alumina Limited (AU:AWC) has released an update.

Alumina Limited has announced an amendment to their Scheme Implementation Deed with Alcoa Corporation, modifying the form of consideration for its second-largest shareholder, CITIC Group, and the custodians of its ADR program due to regulatory compliance with the US Bank Holding Company Act. The change involves issuing non-voting convertible preferred stock to CITIC and common stock to the ADR custodians instead of Alcoa CDIs. The transaction is subject to shareholder and regulatory approvals, with completion anticipated for the third quarter of 2024.

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