Alcoa board OKs split, sets Nov 1 effective date
VANCOUVER (miningweekly.com) – The board of US-based aluminium and lightweight alloys producer Alcoa has given the green light for its demerger into two publicly traded companies, setting November 1 as the effective date.
Spearheaded by CEO Klaus Kleinfeld, the separation will see the company's upstream aviation and specialist aluminium parts businesses operate under the name Arconic, while the traditional upstream aluminium-smelting operations will retain the Alcoa name.
The board of directors of each company will review and determine the dividend policy of each company, following the completion of the separation. It has scheduled a special shareholder meeting on October 5 to seek approval of a reverse split of common stock at a ratio of one for three and an authorised share count reduction.
Should the reverse stock split be approved, shareholders will receive one share of Alcoa Corp common stock for every three shares of Alcoa Inc common stock held as of October 20, at the time of separation.
If the reverse stock split is not approved, Alcoa shareholders will receive one share of Alcoa Corp common stock for every nine shares of Alcoa Inc common stock held as of the record date.
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