Aluminium Corporation of China HK$2.5 billion acquisition of Chinalco Mining Corporation International

Overview:

• Aluminium Corporation of China Overseas Holdings (Chinalco) has acquired Chinalco Mining Corporation International (CMC) for HK$2.5 billion.
• The total value of CMC shares based on the cancellation price of HK$1.39 is approximately HK$16.4 billion. 
• CMC, China's biggest aluminum producer, is the core platform of Chinalco for the future acquisition, investment, development and operation of non-ferrous and non-aluminium mineral resources and projects outside the PRC.
• CMC is a Cayman-incorporated company listed on HKSE.
• Chinalco is a state-owned enterprise principally engaged in the mining, smelting and processing of non-ferrous metals and related trading, engineering and technological services. It holds an 84.63% stake in CMC. 
• Morgan Stanley is the financial adviser to Chinalco.  
• Davis Polk & Wardwell (Paul Chow) is advising Chinalco. 
• Slaughter and May (Benita Yu, Charlton Tse) is advising CMC alongside Maples and Calder (John Trehey) as Cayman counsel.

Wai Yee Tsang - Journalist - Asia-Pacific