A Spin Out from an S&P/TSX Global Mining Index Constituent
TORONTO, Oct. 24, 2016 /CNW/ - S&P Dow Jones Canadian Index Services will make the following changes in the S&P/TSX Canadian Indices:
Alcoa Inc. (NYSE:AA) will spin out its bauxite, aluminum and casting operations into a new company to be named Alcoa Corp. (NYSE:AA). Alcoa Inc. shareholders will receive one share of the new Alcoa Corp. for every three shares held. Alcoa Corp. will be added at zero price to the S&P/TSX Global Mining, the S&P/TSX Global Base Metals and the S&P/TSX Equal Weight Global Base Metals indices at the close of trading on Monday, October 31, 2016.
The parent company will retain its engineering, transportation and global rolled products businesses and will be renamed Arconic Inc. (NYSE:ARNC). Arconic Inc. will change its GICS from 15104010 – Aluminum – to 20101010 – Aerospace & Defense – effective at the open of trading on Wednesday, November 2, 2016. Arconic Inc. will remain a constituent of the S&P/TSX Global Mining, the S&P/TSX Global Base Metals and the S&P/TSX Equal Weight Global Base Metals indices.
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SOURCE S&P Dow Jones Indices
For further information: Tony North, Director, Canadian Index Operations, S&P Dow Jones Indices, (+) 416 507 3204, [email protected]; David Blitzer, Managing Director and Chairman of the Index Committee, S&P Dow Jones Indices, (+) 212 438 3907, [email protected]