Sept 28 (Reuters) - Alcoa Inc (NYSE:AA) AA.N :
* To separate into two industry-leading public companies, completing successful
multi-year transformation
* Says Alcoa shareholders will own all of the outstanding shares of both the
upstream and value-add companies
* Says each company will have its own independent board of directors that will
include members of the current Alcoa board
* Says the separation is intended to qualify as a tax-free transaction to Alcoa
shareholders for U.S. federal income tax purposes
* Full management teams and boards for both cos will be named in months leading
up to launch of two companies in second half of 2016
* Says Morgan Stanley (NYSE:MS) and greenhill & co. are serving as financial advisors to
Alcoa
* Says the value-add company will be named prior to closing
* Value-add company will include global rolled products, engineered products
and solutions, transportation and construction solutions
* Value-add company will include global rolled products, engineered products
and solutions, and transportation and construction solutions
* Alcoa is currently targeting to complete the separation in the second half of
2016
* Says the value-add company targeting an investment grade rating and the
upstream company a strong non-investment grade rating
* Rpt-alcoa to separate into two industry-leading public companies, completing
successful multi-year transformation
* Source text for Eikon ID:nBw88g24Wa
* Further company coverage AA.N