China’s state-owned CITIC Group has bought a A$452 million (US$467 million) stake in Australia’s Alumina Ltd, giving it an interest in the world’s largest alumina business at a time when China has grown more dependent on alumina imports.
Alumina’s shares jumped 17 per cent after the share sale was announced, on relief that the company has been shored up by a strategic investor, allowing it to pay down debt as the aluminium industry struggles with weak prices.
“This takes all the pressure off them,” said Hayden Bairstow, an analyst at CLSA. Reported by S.China Morning Post 2 hours ago.
Alumina’s shares jumped 17 per cent after the share sale was announced, on relief that the company has been shored up by a strategic investor, allowing it to pay down debt as the aluminium industry struggles with weak prices.
“This takes all the pressure off them,” said Hayden Bairstow, an analyst at CLSA. Reported by S.China Morning Post 2 hours ago.