Chalco Acquire Stake In CBA in $902.6 Million Brazil Aluminum Bet
America ı By Rihem Akkouche
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In a cross-continental play that reshapes Brazil’s aluminum landscape, Rio Tinto and Aluminum Corp. of China Ltd., known as Chalco, have agreed to acquire Votorantim’s controlling stake in Companhia Brasileira de Alumínio (CBA), valuing the producer at approximately $902.6 million.
The transaction places one of Brazil’s key aluminum platforms at the center of a high-stakes partnership between a London-based mining heavyweight and China’s state-backed metals giant.
Joint Venture Structure and Premium Offer
Under the agreement announced late Thursday, Chalco and Rio Tinto will purchase Votorantim’s 68.596% interest in CBA through a jointly owned vehicle. The venture will be controlled 67% by Chalco and 33% by Rio Tinto.
The buyers will pay 10.50 Brazilian reais per share — about $2 — in cash. The offer represents a premium of roughly 21.2% over CBA’s 20-day volume-weighted average share price through Jan. 28, signaling a deliberate move to secure control at an attractive but assertive valuation.
Once the acquisition closes, the joint venture intends to launch a mandatory tender offer for the remaining shares not held by Votorantim, in accordance with Brazilian law. That step would extend the reach of the new owners across CBA’s full shareholder base.
A Renewable-Powered Aluminum Platform
CBA operates a vertically integrated aluminum business anchored in Brazil, with assets spanning from raw material processing to finished metal production. The company is supported by a 1.6-gigawatt renewable energy portfolio that includes 21 hydropower plants and wind complexes.
Its operations run entirely on renewable electricity — a rare distinction in a sector often scrutinized for its carbon intensity. CBA’s production is primarily geared toward Brazil’s domestic market, giving the new owners a strong foothold in one of Latin America’s largest economies.
For Rio Tinto, the deal aligns with a strategy aimed at broadening its low-carbon aluminum footprint in expanding markets while reinforcing its bauxite and alumina supply chain. Chalco, for its part, brings complementary operational expertise and project execution capabilities to the table, creating what the companies describe as a strategically balanced partnership.
Regulatory Hurdles and Industry Backdrop
The transaction remains subject to regulatory approvals and customary closing conditions, leaving room for scrutiny before the deal is finalized.
The announcement arrives at a pivotal moment for Rio Tinto. The mining giant is reportedly in discussions with Anglo-Swiss commodity trader Glencore regarding a potential merger that could value the combined company at roughly $200 billion. Against that backdrop, the move to acquire control of CBA reads like a carefully placed chess piece in a broader global strategy.
Details regarding legal counsel for the deal were not immediately disclosed.
As global miners race to secure cleaner supply chains and scale in strategic metals, the Chalco Acquire Stake In CBA agreement underscores a larger shift: aluminum, long a workhorse of industrial growth, is becoming a centerpiece in the competition for low-carbon dominance.
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