Alumina said it recommends shareholders vote in favour of the offer, which comes after a number of previous bids by Alcoa were rejected.
< 1 min
Aluminium producer Alcoa has agreed to an all-stock deal to acquire Australia’s Alumina that values its equity at some US$2.20 billion.
Pittsburgh-based Alcoa is offering 0.02854 of its own stock for each Alumina share, representing a 13% premium to Alumina’s closing share price on Friday. Alumina said it recommends shareholders vote in favour of the offer, which comes after a number of previous bids by Alcoa were rejected.
Alcoa said it has reached an agreement with fund manager Allan Gray Australia that gives it the right to buy up to 19.9% of Alumina.
Alumina owns a 40% stake in Alcoa World Alumina & Chemicals, or AWAC, a joint venture with Alcoa that runs bauxite mining, alumina refining and aluminium smelting operations.
“Alcoa has been a proven operator of AWAC, and we recognise the value creation opportunities possible under a simplified ownership structure,” said William F. Oplinger , Alcoa’s president and chief executive.
PSB Academy currently hosts over 20,000 students each year and offers certification, diploma and degree courses.
Rachel Zegler and Gal Gadot star in an awkward live-action attempt to modernize the 1937 animated classic.
PSB Academy currently hosts over 20,000 students each year and offers certification, diploma and degree courses.
< 1 minU.K.-listed Intermediate Capital Group plans to sell one of Singapore’s largest independent tertiary education institutions, which could be valued at as much as 700 million Singapore dollars, equivalent to US$526 million, people familiar with the situation said.
The alternative asset management company, which acquired PSB Academy in 2018, is working with corporate advisory firm Rippledot Capital Advisers to explore options, the people said.
ICG and Rippledot declined to comment.
The U.K.-based company, which has $107.0 billion in assets under management as of the end of 2024, acquired PSB Academy from Baring Private Equity Asia for an undisclosed price.
Set up in 1964, PSB Academy currently hosts over 20,000 students each year and offers certification, diploma and degree courses. It has operations across Asia, including Indonesia, China and Sri Lanka.
The Asian education sector has become increasingly attractive to private-equity firms and strategic investors due to rapid urbanization and a fast-growing middle class that can now afford higher education for their children.
In 2021, private-equity firm KKR invested in EQuest Education Group, Vietnam’s largest private education institution. A year before, China Maple Leaf Educational Systems paid S$730.0 million to buy Canadian International School in Singapore.
