South32's aluminum sale pleases Macquarie, which reckons the miner will be better able to pursue copper growth as a result. The deal "daylights value in the upstream portfolio, closing out the conglomerate discount and moving S32 to a simpler growth focus," it says. Macquarie views the up to US$5.6 billion deal as being broadly value neutral. It trims its target on the stock by 2.2% to A$4.50 and retains a neutral rating. But "we believe the company should now be able to focus purely on progressing attractive Cu/Zn [copper/zinc] development alternatives, with the added firepower of a deleveraged balance sheet and simpler operating model," it says. Shares are down 1.6% at A$4.21 after gaining 9.7% Wednesday. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)