Friday, December 28, 2007

Alcoa to sell packaging business for US$2.7bln

Alcoa plans to hive off its packaging and consumer businesses to New Zealand´s Rank Group Ltd. for US$2.7 bln in a cash deal. The transaction is expected to be completed by the end of Q1-08. Lehman Brothers acted as financial advisor to Alcoa on this transaction. Alcoa´s packaging and consumer businesses generated revenues of approx US$3.2 bln and US$95 mln in after-tax operating income in 2006, representing approx 10% of Alcoa 2006 revenues and 3% of after-tax operating income.

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