On Thursday, Rio Tinto Plc (NYSE:RIO), along with Aluminum Corporation of China Limited (Chalco), penned a deal with Votorantim to jointly acquire its 68.596% controlling stake in Companhia Brasileira de Alumínio (CBA).

The transaction values Votorantim’s stake at around $902.6 million, with Rio Tinto’s share at about $297.8 million, subject to closing adjustments, regulatory approvals, and customary conditions.

Details

The acquisition will be carried out through a joint venture owned 33% by Rio Tinto and 67% by Chalco.

The all-cash deal values CBA shares at 10.50 South African Rand each, representing a roughly 21.2% premium to the 20-day volume-weighted average price of 8.67 South African Rand prior to January 28, 2026.

After completion, the joint venture will make a mandatory tender offer for the remaining CBA shares in accordance with Brazilian regulations.

The transaction brings together Rio Tinto’s and Chalco’s complementary aluminum expertise to drive CBA’s next phase of growth.

Asset Details

CBA operates a vertically integrated, low-carbon aluminum business in Brazil, supported by 1.6 GW of renewable energy assets.

It produces competitive, low-carbon products using 100% renewable power and runs three bauxite mines, along with the São Paulo Alumínio Complex, which includes alumina refining, aluminum smelting, recycling, and downstream processing facilities.

Record Pilbara Iron Ore Output

Rio Tinto is scheduled to release its 2025 full-year results on Thursday, February 19, 2026. 

RIO Price Action: Rio Tinto shares were down 3.98% at $91.34 during premarket trading on Friday, according to Benzinga Pro data.

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