Reported 24 days ago
Alcoa Corp. is set to receive $1.1 billion from Saudi Arabian Mining Co. (Maaden) as part of a transaction involving the sale of its stakes in two metals plants in northern Saudi Arabia. The deal includes $150 million in cash and $950 million in stock, allowing Alcoa to maintain a 2.2% stake in Maaden after the sale. This move aims to simplify Alcoa's portfolio and enhance its investment visibility while supporting Maaden's growth strategy in bolstering the mining sector within the Saudi economy.
Source: YAHOO