South32 will sell most of its aluminum assets to Alcoa for a value of up to $5.6 billion.

```htmlGolden Ten Data reported on July 1 that Australia's South32 said on Wednesday it has agreed to sell most of its aluminum assets to Alcoa (AA.N), with the deal implying an enterprise value of up to $5.6 billion. According to the agreement, Alcoa will acquire South32's stakes in Worsley Alumina in Australia, Hillside Aluminium in South Africa, MRN Bauxite Mine in Brazil, an alumina refinery in Brazil, and an aluminum smelter in Brazil. South32 added that Alcoa will also assume approximately $1.2 billion in closure and site remediation liabilities related to these assets. The transaction is expected to be completed in the second half of 2027, after which the Australian mining company plans to distribute a "fully tax-free" special dividend of about $500 million to shareholders. In another statement, Alcoa said this cash and stock deal is expected to generate a net present value synergy of approximately $900 million by optimizing the operations of complementary assets.```