Alcoa (AA) Shares on Watch as Peer Aleris Enters Takeover Agreement

August 29, 2016 8:59 AM EDT

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Alcoa (NYSE: AA) shares are on watch early Monday following news that aluminum peer Aleris is getting bought.

According to an earlier press release, Aleris entered into a definitive agreement to be acquired by Zhongwang USA LLC. The aggregate value of Aleris amounts to $2.33 billion, comprising $1.11 billion in cash for the equity to be paid by Zhongwang USA, plus $1.22 billion in net debt.

Shares of Alcoa are flat in early trading.

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