Alcoa is selling a $2 billion stake in Aluminum Corp of China (ACH 66.18) at around a 12.5% discount to it's Hong Kong price, and will be walking away with a profit of close to $1.8 billion.
Warren Buffett lightened up his stake in PetroChina (PTR 145.05) to 9.2% of the tradeable shares. (He sold the shares that trade in Hong Kong also.) This was the stock some shareholders were urging him to sell at his annual meeting on May 5th because they felt PTR had operations in Sudan. (The week before the annual meeting PTR was at 116). In actuality, the controlling shareholder of PTR, CNPC (China National Petroleum Corp.) owned a 40% venture in Sudan. It went to a vote and the proposal got 1.8% of the vote. It didn't get mine! He now owns just a shade more than $3 billion of PetroChina; the cost of his remaining shares is less than $440 million, and now that is in the economic interests of all shareholders, Warren has lightened up his position.
Funny how those that were urging Mr. Buffett to sell his shares in PTR, weren't selling their shares in Berkshire Hathaway. Berkshire was at $109,000 a share at the annual meeting; today it's at 118,800.