CITIC Group Backs Alcoa’s Takeover of Alumina Limited

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

Alumina Limited has announced that CITIC Group, which holds approximately 18.92% of Alumina’s shares, supports the proposed acquisition of Alumina by Alcoa Corporation. The Alumina Board, now including CITIC’s nominee Mr. Chen Zeng, unanimously recommends shareholders to vote in favor of the transaction, citing the Independent Expert’s advice that it is in the best interests of shareholders. The endorsement comes ahead of the crucial Scheme Meeting set for today where a shareholder vote will take place.

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