Alcoa, a global company specializing in bauxite, alumina and aluminum products, agreed to acquire Alumina, a company that invests in bauxite mining, alumina refining and aluminium smelting, for $2.2bn. “We are pleased to have entered into the transaction process and exclusivity deed to finalize the terms of the transaction, which will provide significant and long-term benefits to both Alcoa and Alumina Limited shareholders. Alcoa has been a proven operator of AWAC, and we recognize the value creation opportunities possible under a simplified ownership structure, including the ability to implement AWAC’s operational and strategic decisions on an accelerated basis. We believe now is the right time to consolidate ownership in AWAC and look forward to working closely with the Alumina Limited team to consummate a transaction that will better position Alcoa to execute on our long-term growth strategy,” William F. Oplinger, Alcoa President and CEO.