Votorantim in Sale of CBA to Chalco and Rio Tinto

Cleary Gottlieb is representing Votorantim S.A. (VSA) in its sale of a controlling shareholding in Companhia Brasileira de Alumínio (CBA) to Aluminum Corporation of China Limited (Chalco) and Rio Tinto for R$4.69 billion (about $904 million).

CBA is a Brazilian vertically integrated low-carbon aluminum producer. The transaction is aligned with VSA’s strategy of active portfolio management and value creation.

The agreement was signed on January 29, 2026.

Cleary partner Juan Giráldez is advising on M&A matters. Partners Dan Culley and Cunzhen Huang and associate Yiming Sun are advising on antitrust matters.