Alcoa has also entered into a conditional share sale agreement with Allan Gray Australia Pty Ltd that gives Alcoa the right to acquire up to 19.9% of Alumina Limited.
As part of the proposed transaction, Alcoa would apply to establish a secondary listing on the Australian Securities Exchange to allow Alumina Limited shareholders to trade Alcoa common stock via CHESS Depositary Interests on the ASX.
Ashurst partner Kylie Lane said: "We are proud to be supporting Alcoa Corporation, a long standing client, on this major strategic transaction. The acquisition of Alumina Limited represents an important component of Alcoa's simplification strategy, and we look forward to working with our client and its advisers on negotiating the implementation agreement and completing the deal."
The Ashurst team is led by partners Kylie Lane and Susannah Macknay and includes: counsel Peter Moh, senior associates John Saunders and John McMeniman, associates Phoebe Phan and Clare Carroll and consultant John Sartori (Corporate Transactions); partners Ian Kellock and Costa Koutsis, counsel Bronwyn Kirkwood, senior associates Daniel Richards and James Sainty, associate Hayley Young (Tax); and partner Justin Jones (Competition).
