---
schema_version: "secwatch.filing_event.v1"
accession: "0000950103-24-002771"
form_type: "8-K"
ticker: "AA"
cik: "0001675149"
company_name: "Alcoa Corp"
filed_at: "2024-02-26T23:59:59+00:00"
generated_at: "2026-06-05T15:19:12.248544+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Alcoa proposes to acquire Alumina Limited for 0.02854 Alcoa CDIs per share

## Summary
- Alcoa entered exclusivity deed to negotiate scheme where subsidiary acquires all Alumina shares at 0.02854 CDIs each.
- Alumina's independent directors and CEO intend to recommend the deal, subject to superior proposal and expert opinion.
- Alcoa signed share sale agreement with Allan Gray Australia for up to 577.4M Alumina shares at same offer price.
- Exclusivity period is 20 business days; upon closing, two Alumina directors would join Alcoa's board.
- Alcoa currently owns 60% of AWAC; full acquisition of Alumina would give Alcoa full control of that joint venture.

## SEC filing metadata
- accession: 0000950103-24-002771
- form_type: 8-K
- ticker: AA
- cik: 0001675149
- company_name: Alcoa Corp
- filed_at: 2024-02-26T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1675149/000095010324002771/0000950103-24-002771-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1675149/000095010324002771/dp207312_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950103-24-002771
- JSON: https://secwatch.observer/filing/0000950103-24-002771.json
- Plain text: https://secwatch.observer/filing/0000950103-24-002771.txt

## Key facts
- Material Agreements
  Alcoa Corp entered into Transaction Process and Exclusivity Deed with Alumina Limited valued at Alcoa to acquire all shares of Alumina; Alumina shareholders receive 0.02854 CDI per share (effective 2024-02-26).
  - Action: entry
  - Agreement: merger
  - Counterparty: Alumina Limited
  - Value: Alcoa to acquire all shares of Alumina; Alumina shareholders receive 0.02854 CDI per share
  - Effective: 2024-02-26
  source text: On February 26, 2024 (AEDT), Alcoa Corporation ("Alcoa") entered into a Transaction Process and Exclusivity Deed (the "Transaction Process and Exclusivity Deed") with Alumina Limited ("Alumina") and AAC Investments Australia Pty Ltd, a wholly owned subsidiary of Alcoa ("Bidder").
  evidence_url: https://www.sec.gov/Archives/edgar/data/1675149/000095010324002771/0000950103-24-002771-index.htm
- Material Agreements
  Alcoa Corp entered into Conditional Share Sale Agreement with Allan Gray Australia Pty Ltd valued at Right to acquire up to 577,434,602 shares of Alumina at Offer Price (effective 2024-02-26).
  - Action: entry
  - Counterparty: Allan Gray Australia Pty Ltd
  - Value: Right to acquire up to 577,434,602 shares of Alumina at Offer Price
  - Effective: 2024-02-26
  source text: On February 26, 2024 (AEDT), Alcoa also entered into a Conditional Share Sale Agreement with Allan Gray Australia Pty Ltd ("Allan Gray Australia") and Bidder (the "Share Sale Agreement").
  evidence_url: https://www.sec.gov/Archives/edgar/data/1675149/000095010324002771/0000950103-24-002771-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.