Commodities & Metals
International Aluminum Acquired by Genstar on Heels of Alcoa Earnings
Published:
International Aluminum (IAL) is being acquired by Genstar Capital LLC at $51.00 per share in a $228 million acquisition. It was unknown if Alcoa (AA) beating earnings would lead the sector higher, but even though this deal here is tiny it makes you wonder if it was hurried as a result of the earnings.
The $51.00 price is kind of lame if you consider that the stock was at$49.00 yesterday, but it is up from $40 over the last two months or so.
Century Aluminum (CENX) traded up 3.5% to $40.70 right out of the gate this morning and Alcan (AL) is up 1.7% at $45.60 this morning. Alcoa is usually considered a decoupled company from the aluminum group and from the metals sector, but maybe this is more than coincidence today.
Jon C. Ogg
January 10, 2007
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