OTHER NEWS - July 7, 1994
From Times Staff and Wire Reports
Alcoa in $5.4-Billion Deal: Western Mining Corp. Holdings of Australia and Aluminum Co. of America announced a $5.4-billion deal that will create the largest aluminum producer in the world. Under its terms, the companies will combine their global alumina, alumina-based chemicals, bauxite and shipping interests. The combined group will have 25% of the world market for alumina--the silvery powder that is refined from bauxite ore and smelted into aluminum metal. Western Mining said it will pay cash and shares worth $723 million for a 40% stake in the venture, which will be managed and 60% owned by Alcoa of Pittsburgh.
