Alcoa to sell Australian natural gas pipeline stake for $154 million
Alcoa Inc. said late Wednesday it will sell its stake in the operator of an Australian natural gas pipeline for about $154 million. The aluminum producer said it will sell its 20% stake of DBP, which owns and operates the Dampier to Bunbury Natural Gas Pipeline, to Duet Group, which controls an 80% stake, for $205 million Australian. The sale, which is expected to close in early April, will add 1 cent a share to earnings, Alcoa said. Alcoa shares were flat at $9.68 after hours.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.