Alcoa Stock Rises After Company Sells Stake in Saudi Arabia Joint Venture

Core Insights - Alcoa is divesting its 25.1% stake in the Saudi Arabia Mining Company (Ma'aden) to enhance long-term competitiveness [1] - The transaction will yield $1.1 billion in Ma'aden stock and cash, including approximately 86 million shares valued at about$950 million [1] - Alcoa shares experienced a rise of about 7% in morning trading and have increased approximately 20% over the past year [1] Group 1 - The joint venture with Ma'aden was established in 2009, creating the world's largest, lowest-cost fully integrated aluminum facility [1] - Alcoa's CEO stated that the divestment simplifies the company's portfolio and enhances visibility in the value of its investment in Saudi Arabia [1] - The deal is anticipated to close in the first half of the next year [1]