Alcoa in $2 Billion Sale of Chinese Aluminum Company
September 17, 2007
Cleary Gottlieb represented Goldman Sachs (Asia) L.L.C. in structuring the disposal by Alcoa International (Asia) Limited through a $2 billion block trade of Alcoa’s 7% stake in Aluminum Corporation of China Limited (Chalco), which took place on September 12, and closed on September 17. This is the largest block trade in Asia since April 2006.
Alcoa acquired its stake in Chalco in Chalco’s initial public offering in 2001 and had been a significant investor in Chalco since that time. Chalco is listed on the Shanghai, Hong Kong and New York stock exchanges.