Australia's Alumina Ltd. Tuesday said it stands to benefit if its joint venture partner, U.S.-based Alcoa Inc. (AA), is successful in a US$26.9 billion hostile bid to acquire rival Alcan Inc. (AL).
Alumina and Alcoa operate Alcoa World Alumina & Chemicals, a global joint venture that is 40% owned by Alumina and 60% by Alcoa.
In a statement, Alumina said the transaction has the potential to deliver "significant benefits" to AWAC.
"In particular, the AWAC agreements provide for AWAC to be the exclusive vehicle for the pursuit of Alcoa and Alumina's - and their affiliates' - interests in bauxite and alumina businesses," the company said.
Alcan has interests in a number of bauxite and alumina assets.
Alcoa's cash-and-stock bid for Alcan would create a giant player in the ever-consolidating aluminum industry. The hostile bid comes in the wake of nearly two years of merger discussions between Alcoa and Alcan.
Alcoa is targeting completion of the transaction by year-end.
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