Australia: Alcoa sells pipeline stake to DUET Group
Published by Stephanie Roker,
Editor
World Pipelines,
Alcoa has announced that Alcoa of Australia has agreed to sell its stake in DBP, the owner and operator of the Dampier to Bunbury Natural Gas Pipeline (DBNGP), to DUET Group (DUET) for AUS$205 million (~US$154 million).
DBP is currently owned 20% by Alcoa of Australia and 80% by DUET (in aggregate).
As part of the transaction Alcoa of Australia will maintain its current access to approximately 30% of the DBNGP transmission capacity for natural gas supply to its three alumina refineries in Western Australia.
The sale is expected to close in early April. The company expects to recognise a gain in connection with the sale of between AUS$10 million and AUS$15 million, after-tax and non-controlling interest, or AUS$0.01 per share.
Alcoa of Australia expects the net cash impact of the transaction, after estimated fees and taxes, will be approximately US$115 million.
Alcoa of Australia is owned 60% by Alcoa Inc., and 40% by Alumina Limited.
Edited from source by Stephanie Roker
Read the article online at: https://www.worldpipelines.com/business-news/04042016/australia-alcoa-sells-pipeline-stake-to-duet-group/
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