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Event-Driven

<ul><li>Alcoa, AWC's 60% partner in the Alcoa Worldwide Alumina and Chemicals joint venture, or AWAC, will split into two companies.</li><li>One will focus on the downstream value-added aluminium applications and the other, Upstream Co., will house the bauxite mining, alumina refining and aluminium smelting assets.</li><li>An agreement between AWC and Alcoa means any bauxite or alumina assets owned by either party must be vended into the AWAC joint venture.</li><li>This makes Alcoa, and by extension Upstream Co., the logical acquirer of AWC.</li></ul><p>Analysts: Mark Taylor &amp; Mathew Hodge</p><p>Full report below the fold...&nbsp;</p>

Alcoa, AWC's 60% partner in the Alcoa Worldwide Alumina and Chemicals joint venture, or AWAC, will split into two companies.One will focus on the downstream value-added aluminium applications and the other, Upstream Co., will house the bauxite mining, alumina refining and aluminium smelting assets.An agreement between AWC and Alcoa means any bauxite or alumina assets owned by either party must be vended into the AWAC joint venture.This makes Alcoa, and by extension Upstream Co., the logical acquirer of AWC.Analysts: Mark Taylor &amp; Mathew HodgeFull report below the fold...&nbsp;

Alcoa Upstream Split Opens Potential for Consolidation

Alumina Ltd

Alcoa Upstream Split Opens Potential for Consolidation