Alcoa exits Chalco through a $1.97 billion placement

The deal is completed at a generous 15% discount, but allows Alcoa to walk away with a handsome profit.

Alcoa International Asia, a unit of the worldÆs leading aluminium producer, has sold its entire 6.9% stake in Aluminum Corp of China Chalco for a total of HK$15.3 billion $1.97 billion.

The deal was completed at a 15% discount to yesterdayÆs close of HK$20.40. That big a discount is unusual for a Hong Kong placement, but observers say the seller may have felt that it was necessary given that ChalcoÆs share price almost doubled during the final...

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