Mayer Brown and Tauil & Chequer (T&C) in association with Mayer Brown advised Aluminum Corporation of China Limited (Chalco) in connection with its joint acquisition with Rio Tinto of a 68.596% controlling stake in Companhia Brasileira de Alumínio (CBA). The BRL 4.69 billion transaction represents the largest aluminum-sector deal in Brazil in the past 15 years and marks Chalco's entry into the Latin American market through the acquisition of a fully integrated, market leading aluminium producer.
Under the transaction structure, Chalco and Rio Tinto will acquire Votorantim's controlling interest in CBA through a newly formed joint venture in which Chalco will hold a 67% stake and Rio Tinto a 33% stake. Following closing—subject to customary regulatory approvals—the joint venture will launch a mandatory tender offer for the remaining outstanding shares of CBA, as required under Brazilian law.
The Brazil-based Mayer Brown and T&C team was led by Corporate & Securities partner Bruno Werneck and associate Julio Barboza and included: Corporate & Securities partners Aline Fidelis, Débora Yanasse, and Rodolfo Tella, and associates Marcello Ximenes, Natalie Melamed, Júlio Dias, Maria Fernanda Lellis, Natália Minotto, Julia Braga, Guilherme Galiazzi, Rebeca Liareno, and Juliana Ungefehr; Tax partner Giampaolo Marzulli; and Real Estate partner Ludmila Braga and associate Laís Palma.
View Rio Tinto's release here.