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Aluminum of China ( (HK:2600) ) has provided an announcement.
Aluminum Corporation of China has agreed with Rio Tinto and Brazil’s Votorantim S.A. to acquire a controlling 68.596% stake in Companhia Brasileira de Alumínio S.A. via a new Brazilian joint venture, in a cash deal valued at about BRL4.689 billion (approximately RMB6.286 billion). The joint venture, to be owned 67% by Chalco’s Hong Kong subsidiary and 33% by Rio Tinto, will make CBA and the joint venture subsidiaries of Chalco with their results consolidated into its financial statements, and is expected to trigger a mandatory tender offer for the remaining CBA shares under Brazilian market rules, potentially followed by a delisting offer, marking a significant expansion of Chalco’s presence in the Brazilian aluminum sector and a notable outbound investment subject to Hong Kong discloseable transaction requirements.
The most recent analyst rating on (HK:2600) stock is a Buy with a HK$17.00 price target. To see the full list of analyst forecasts on Aluminum of China stock, see the HK:2600 Stock Forecast page.
More about Aluminum of China
Aluminum Corporation of China (Chalco) is a major Chinese metals producer focused on the aluminum value chain, including bauxite mining, alumina refining and primary aluminum smelting, with an expanding international footprint through overseas investments and joint ventures.
Average Trading Volume: 59,095,344
Technical Sentiment Signal: Buy
Current Market Cap: HK$249.2B
Find detailed analytics on 2600 stock on TipRanks’ Stock Analysis page.