Even the possibility that a group like Xstrata would act pre-emptively and acquire a strategic interest before the demerger would worry Alcoa. The market either does not believe there will be an outbreak of corporate activity before or after the demerger or it is not prepared to attribute much more value to any corporate action. After a steep run-up when news of Alcoa's overtures first broke, WMC's share price has levelled off at about $9.50.