Rio Tinto, Chalco to acquire controlling stake in CBA from Votorantim [Yahoo! Finance]
Rio Tinto Plc (RIO)
US:NYSE Investor Relations:
riotinto.com/investors-87.aspx
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Source: Yahoo! Finance
The acquisition, structured through a joint venture (JV), with Rio Tinto holding 33% and Chalco 67%, values Votorantim's 68.596% stake in CBA at approximately $902.6m. The transaction will involve a cash payment of 10.50 reais ($0.66) per share, reflecting a 21.2% premium over the prior 20-day average trading price of CBA shares. Following the completion of the acquisition, the JV plans to initiate a mandatory tender offer for the remaining shares in CBA, as mandated by Brazilian legislation. This marks an effort by Rio Tinto and Chalco to enhance their footprint in the global low-carbon aluminium sector by leveraging their combined expertise in aluminium production to drive growth at CBA. The transaction remains subject to regulatory approvals and customary conditions. CBA runs a comprehensive low-carbon aluminium operation in Brazil, bolstered by a 1.6GW portfolio of renewable energy featuring 21 hydropower plants and wind power installations. The company primarily serv
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