Alcoa Stock Slides After $2.2 Billion Takeover Offer for Alumina—Key Price Levels to Watch
AAAlcoa(AA) Investopedia·2024-02-26 19:55

Key Takeaways Alcoa shares moved lower in premarket trading Monday after the company made a 2.2billionallstockoffertobuyjointventurepartnerAluminatoexpanditsglobalminingfootprintandconsolidateitsoperations.Alcoaisoffering0.02854ofitsstockforeachAluminashare,representinga132.2 billion all-stock offer to buy joint-venture partner Alumina to expand its global mining footprint and consolidate its operations. Alcoa is offering 0.02854 of its stock for each Alumina share, representing a 13% premium to Alumina’s Friday closing price. Alcoa shares may find resistance around 34.50 from a horizontal line and support from the 2023 low at $23.07. Alcoa Corporation This image depicts the AA char ...