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Alcoa Gains Freedom to Split Under Deal With Alumina

Alcoa (AA) and Alumina have dropped legal action against each other after striking new agreements relating to a key joint venture. The peace deal removes a threatened delay to New York-listed Alcoa's plans to split and establishes Australia-based Alumina as a potential takeover target.

Under the terms of the deal, both companies will gain liberty to make strategic decisions within and outside of their Alcoa World Alumina and Chemicals, or Awac, joint venture in the event of a takeover...