Mubadala and Dubai Aluminium Acquire Remaining Guinea Alumina Corporation Limited
According to the press release, “Global Alumina Corporation announced today that it has signed a share purchase agreement with DM GAV Limited, a company established and owned equally by Mubadala Development Company PJSC and Dubai Aluminium, to sell all of Global Alumina’s interests in Guinea Alumina Corporation Limited to DM GAV. Pursuant to the SPA, DM GAV will make a US$2 million advance payment to Global Alumina on signing of the SPA and will pay an additional US$36 million upon completion of the transactions contemplated by the SPA, which is scheduled to occur on or before August 31, 2013. A copy of the SPA will be available on the Company’s SEDAR reference page at www.sedar.com.
Coincident with this transaction, Global Alumina International Limited and The Broken Hill Proprietary Company Pty Limited “BHP Billiton” have agreed to terminate their share purchase agreement which was announced on November 1, 2012. Concurrent with this termination and execution of the SPA, DM GAV signed a share purchase agreement directly with BHP Billiton to buy all of BHP Billiton’s interests in Guinea Alumina.
Conditions to Completion include no objection having been received from the Government of Guinea, completion of DM GAV’s acquisition of BHP Billiton’s interests in Guinea Alumina and Global Alumina’s regulatory and shareholder approvals. These conditions must be satisfied by August 31, 2013 or the SPA may be terminated.
Global Alumina intends to use the US$2 million advance payment to fund accrued liabilities and ongoing corporate costs until Completion. Under the SPA, the Company has given limited representations and warranties some of which will survive for up to two years following Completion.”
Read more: Global Alumina Press Release
Contact the writer or creator of this article or page.
Questions or comments: support(at)swfinstitute(dot)org
Follow on Twitter at @swfinstitute and @sovereignfunds
Learn, Attend and Network: Institutional Investor Events and Summits
Go Back: HOME: Sovereign Wealth Fund Institute