Pittsburgh-based Alcoa Corporation announced Tuesday it had received stockholder approval to acquire Alumina Limited in preliminary voting.
During a special meeting of its stockholders, the company received approval by approximately 99 percent of the shares present to issue more shares in connection with the proposed acquisition. Final voting results will be reported on a Form 8-K, the company said, that will be filed with the U.S. Securities and Exchange Commission within four business days.
“The strong support from our stockholders reflects their recognition of this strategic step to enhance Alcoa’s global position as a leading pure-play, upstream aluminum company,” William F. Oplinger, president and CEO of Alcoa Corporation, said. “We are pleased to have reached this important milestone in the transaction.”
Officials said the proposed acquisition would strengthen the company’s position as one of the world’s largest bauxite and alumina producers through increase ownership of core, tier-one assets. The result of the acquisition would be significant, long-term value creation from a position of greater financial and operational flexibility.
The final vote for shareholders will be held on July 18. Once the scheme is approved by shareholders, it will be subject to approval by the Federal Court of Australia at a hearing on July 22. The transaction is expected to close on or about Aug. 1.