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Alcoa shareholders approve 1-for-3 share consolidation

Aluminum heavyweight Alcoa Inc. has completed its previously announced 1-for-3 share consolidation.

The move was approved at an Oct. 5 shareholder meeting and has reduced the company's shares on issue to 600 million, from 1.8 billion.

Alcoa's board gave the thumbs up to its planned split into two independent, publicly traded companies at the end of September.