Alcoa has announced significant progress in its acquisition of Alumina, expecting the transaction to be completed on or about August 1, pending the satisfaction of customary conditions. Alcoa filed its definitive proxy statement with the Securities and Exchange Commission on June 6 and has scheduled a Special Meeting of Shareholders for July 16 to vote on the transaction.
The acquisition received regulatory approvals from Brazil’s Administrative Council for Economic Defense (CADE) on May 13 and the Australian Competition and Consumer Commission, which decided not to conduct a public review of the transaction. Alumina has registered its Scheme Booklet with the Australian Securities and Investments Commission (ASIC), and following orders from the Federal Court of Australia on June 7, the Scheme Booklet will be sent to Alumina shareholders to prepare for a vote.
Alumina shareholders are scheduled to vote on the acquisition on July 18. If the vote is successful, a second court hearing to approve the results will be held on July 22. The transaction still requires approval from both companies’ shareholders and the receipt of approval from Australia’s Foreign Investment Review Board. Notably, the transaction is not conditional on due diligence or financing. 
