Page 148 - CW E-Magazine (5-3-2024)

News from Abroad

CONSOLIDATION
Alcoa makes $2.2-bn bid for Australian partner, Alumina

US aluminium producer, Alcoa
Corp., has made a $2.2-bn offer to
acquire its Australian joint-venture
partner, Alumina Ltd., to consolidate
ownership of key upstream assets with
long-term demand for the metal fore-
cast to rise.

The offer marks a premium of about
13% to Alumina’s closing share price
on February 23. The Australian com-
pany’s board plans to support the deal,
under which Alumina shareholders will
receive Alcoa stock, if the sides get to
a defi nitive agreement following further
discussions, it said in an exchange fi ling. Alumina shareholders would own the AWAC entities, respectively, directly,
31.25%, and Alcoa shareholders would or indirectly.
The move will help Alcoa cement own 68.75% of the combined company.
its position as one of the world’s largest The agreement would increase
bauxite and alumina producers. Alcoa Alcoa is the sole operator of Alcoa’s economic interest in its core busi-
made a number of offers for Alumina Alcoa World Alumina and Chemicals ness and simplify governance by acquir-
before persuading its directors to sup- (AWAC), a joint venture with Alumina. ing the minority partner in its AWAC JV,
port a deal. AWAC consists of a number of affi lia- resulting in greater operational fl exibi-
ted entities that own, operate or have an lity and strategic optionality. Alumina
Alumina’s Managing Director, Mr. interest in bauxite mines and alumina and Alcoa jointly own Kwinana Alumina
Mike Ferraro, signalled in a statement refi neries in Australia, Brazil, Spain, Refi nery in Western Australia. Alcoa
that he would support the deal if it were Saudi Arabia and Guinea. AWAC also said in January this year it planned to
formalised and no better offer emerged. has a 55% interest in an aluminium stop production in 2024 at the loss-mak-
smelter in Victoria, Australia. Alcoa ing refi nery due to challenging market
Upon completion of the agreement, owns 60% and Alumina owns 40% of conditions and the facility’s age.

ELECTROCHEMISTRY COMPETENCIES
NextChem to acquire HyDEP and Dragoni Group

Italian engineering major, Maire, ing patents. The range of services spans The companies will continue to
has announced that Nextchem, through from process and mechanical design, to operate independently in their respec-
its subsidiary NextChem Tech, has validation, prototyping and certifi cation. tive markets. “This acquisition marks
signed a binding agreement to acquire an important step to further strengthen
80% of HyDEP S.r.l. and 100% of The purchase price for the two NextChem’s capabilities in green
Dragoni Group S.r.l. stakes is approximately €3.6-mn. The hydrogen, paving the way to the develop-
agreement also provides an earn-out ment of our value proposition in elec-
Both Italian-based, HyDEP and clause based on the achievement of trolysis technology. HyDEP’s process
Dragoni Group are engineering services technical objectives within 30 months competences will also strongly support
companies in the mechanical and elec- from closing, as well as ‘put and call’ the development of innovative solutions
trochemical sectors with strong process options on the remaining 20% stake in for the production of clean ammonia
design expertise and a track record of HyDEP exercisable within 36 months and methanol,” said Mr. Alessandro
over 20 years in green hydrogen, includ- from closing. Bernini, Maire CEO.

148 Chemical Weekly March 5, 2024

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