Alcoa Corporation announced the successful closing of its sale of a 25.1% ownership interest in the Ma'aden Joint Venture to the Saudi Arabian Mining Company. The transaction, valued at approximately $1.35 billion, involved Alcoa receiving proceeds in Ma'aden shares and cash, with Alcoa expected to record a gain of approximately $780 million in other income. Alcoa will retain approximately 2% of Ma'aden's shares following the transaction.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.