alcoa-exits-chalco-through-a-197-billion-placement

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 two weeks of August. At the final size, this is also the largest block trade in Asia since CNOOC sold $1.98 billion worth of new shares in April 2006. It accounts for 22.4% of ChalcoÆs...
¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222