U.S. Stock Market News | Alcoa Corporation surged over 9% at one point, marking the largest intraday gain since February
On Monday, Alcoa's stock price rose, surging over 9% at one point, marking the largest intraday gain since February. As of the time of writing, the stock has risen over 7%, trading at $34.875. In terms of news, Alcoa has agreed to sell a 25.1% stake in its joint venture with Saudi Arabian mining company Ma'aden for $1.1 billion. The company will receive approximately 86 million shares of Ma'aden stock and $150 million in cash, with the transaction expected to be completed in the first half of next year. Alcoa will hold about 2% of Ma'aden's shares, which will be locked up for a minimum of 3 years. The joint venture, established in 2009, is part of an integrated mining project in Saudi Arabia, with Ma'aden originally holding the remaining 74.9% stake in the joint venture
According to the Zhitong Finance and Economics APP, on Monday, the stock price of Alcoa Inc. (AA.US) rose, surging more than 9% at one point, marking the largest intraday gain since February. As of the time of publication, the stock has risen over 7% to $34.875. In terms of news, Alcoa has sold a 25.1% stake in its joint venture with Saudi Arabian mining company Ma'aden to the latter for $1.1 billion. The company will receive approximately 86 million shares of Ma'aden stock and $150 million in cash, with the transaction expected to be completed in the first half of next year. The company will hold about 2% of Ma'aden's shares, which will be retained for at least 3 years. It is reported that the joint venture was established in 2009 for an integrated mining project in Saudi Arabia, with Ma'aden originally holding the remaining 74.9% stake in the joint venture