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Alcoa selling Australian gas pipeline stake for A$205M

Alcoa Inc.is selling its 20% stake in the Dampier-Bunbury gas pipeline in WesternAustralia to energy infrastructure owner Duet Group for A$205 million, thecompany said March 30.

Under the deal, the company will get to keep about 30% ofthe pipeline's transmission capacity for gas supply to its three aluminarefineries in Western Australia. Duet will fully own the pipelinewhen the deal closes, expected in April.

The company is expected to recognize a post-tax gain of upto US$15 million, or 1 U.S. cent per share from the stake sale while willbook a net cash impact of about US$115 million from the transaction.

Alcoa owns 60% stake in the Australian unit while theremaining 40% is owned by ASX-listed AluminaLtd.