Ma'aden to acquire SABIC's 20.62% stake in Bahrain's Alba [Yahoo! Finance]
Alcoa Corporation (AA)
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Source: Yahoo! Finance
This move aligns with state-owned Ma'aden's strategy to grow its operations tenfold by 2040, with aluminium playing a crucial role. SABIC expects proceeds of around $963.25m–$1.06bn from the sale, which is contingent on the fulfilment of standard closing conditions such as regulatory approval. This capital will be used to fuel's SABIC growth in the chemicals space. In a stock exchange filing, SABIC said: “This transaction is in line with the company's priorities of optimising its portfolio and focusing on its core business to drive improved returns and reallocate capital towards higher margin opportunities, and to be the preferred world leader in chemicals.” This deal comes on the heels of Ma'aden's non-binding deal exploring the combination of its aluminium operations with Alba. In a strategic consolidation of its aluminium assets, Ma'aden also sealed a share purchase and subscription agreement with its long-term partner, Alcoa. The agreement will result in Alcoa swappin
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News
- Alcoa Co. (NYSE: AA) had its price target raised by analysts at UBS Group AG from $38.00 to $40.00. They now have a "buy" rating on the stock.MarketBeat
- Alcoa Co. (NYSE: AA) had its "neutral" rating re-affirmed by analysts at B. Riley Financial, Inc.. They now have a $41.00 price target on the stock.MarketBeat
- Ma'aden pursues merger of aluminium operations with Bahrain's Alba [Yahoo! Finance]Yahoo! Finance
- Alcoa Co. (NYSE: AA) had its price target raised by analysts at B. Riley from $37.00 to $41.00. They now have a "neutral" rating on the stock.MarketBeat
- Stock market today: Asian shares are mixed as Wall Street gears up for an interest rate cut [Yahoo! Finance]Yahoo! Finance
AA
Earnings
- 7/17/24 - Beat
AA
Sec Filings
- 9/16/24 - Form 8-K
- 8/14/24 - Form 4
- 8/14/24 - Form 4
- AA's page on the SEC website