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BRIEF-Alumina comments on Alcoa's proposed corporate separation

Published 30/05/2016, 10:31 am
© Reuters.  BRIEF-Alumina comments on Alcoa's proposed corporate separation
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May 30 (Reuters) - Alumina Ltd AWC.AX :

* Alumina Limited acts to protect shareholders' interests in relation to proposed Alcoa (NYSE:AA) separation

* Considered the implications for its shareholders and for the AWAC joint venture of Alcoa inc.'s proposed corporate separation

* Alumina has raised these concerns with Alcoa and has proposed amendments to the AWAC joint venture agreements

* Alcoa filed application in chancery court in Delaware seeking declarations regarding alumina's rights in context of Alcoa demerger

* Considers that Alcoa's demerger proposal triggers consent and 'first offer' rights in favour of Alumina under the AWAC arrangements

* Says Alumina will defend the proceedings brought by Alcoa

* Has serious concerns that proposal as described by Alcoa will result in a material adverse change in the nature, size, scope and financial wherewithal of co's partner in AWAC

* Alumina considers it is entitled to receive various offers, including for the Alcoa interest in AWAC companies

Source text for Eikon ID:nASX21BJqg

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