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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Alumina
Alumina (AWC) investor relations material
Alumina has been acquired by Alcoa Corporation
Alumina Scheme Meeting 2024 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Scheme Meeting 2024 summary18 Jul, 2024
Transaction overview
Alcoa, through a wholly owned subsidiary, will acquire all issued Alumina shares via a scheme of arrangement, with shareholders to receive 0.02854 Alcoa shares (ASX-listed CDIs) per Alumina share, except for ineligible foreign shareholders and CITIC.
The implied value of the offer is AUD 1.64 per Alumina share, representing a 61% premium to the undisturbed closing price on 23 February 2024.
Alumina shareholders will own approximately 31.6% of the combined group post-transaction, with Alcoa stockholders holding 68.4%.
The board unanimously recommends the scheme, with CITIC's nominee joining the recommendation, and all directors intend to vote in favor.
The independent expert concluded the scheme is fair and reasonable, with the scheme consideration exceeding the assessed underlying value of Alumina.
Process and approvals
The scheme is subject to shareholder approval, Federal Court approval, and other customary conditions, but not to financing or due diligence.
FIRB, ACCC, Brazil competition, and Alcoa stockholder approvals have been satisfied.
Outstanding conditions include Alumina shareholder and Federal Court approval, ATO class ruling, and other customary conditions.
If approved, the last trading day for Alumina shares is expected to be 23 July 2024, with Alcoa CDIs to commence trading on the ASX on 24 July 2024.
Implementation and issue of consideration are expected on 1 August 2024, with normal settlement of Alcoa CDIs from 2 August 2024.
Shareholder engagement and voting
Proxies representing about 1.5 billion shares (53% of issued shares) were received in advance.
CITIC, holding 18.92% of shares, confirmed support for the scheme, subject to no superior proposal and the independent expert's continued positive conclusion.
The board ran a retail campaign and engaged a proxy advisor to maximize retail shareholder participation.
The proxy position was disclosed before voting, and the webcast of the meeting will be made available online.
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Frequently asked questions
Alumina Limited is an Australian resource company with interests in bauxite mining, alumina refining, and aluminum production. It holds its operations through a joint venture with Alcoa and focuses on supplying raw materials for the global aluminum industry. Alumina Limited is headquartered in Melbourne, Australia, and its shares are listed on the ASX.