US-based aluminum miner Alcoa has signalled it is not planning to bid for its Australian joint-venture partner Alumina, according to Australian reports.
Alcoa has recently stockpiled billions of dollars in cash, which analysts say could be put toward the purchase of the company according to the Sydney Morning Herald.
Alcoa says it plans to use the funds to increase its share buyback plan, according to the paper.
Alcoa is the world's leading producer and manager of primary aluminium, fabricated aluminium and alumina facilities.
By staff writer
