(Adds details from paragraph 2 onwards) Feb 26 (Reuters) -...

(Adds details from paragraph 2 onwards)

Feb 26 (Reuters) - Australian aluminium producer Alumina (AWC) said on Monday it has received a non-binding, conditional buyout proposal from Alcoa Corp AA.N , valuing the company at $2.2 billion in an all-stock offer.

Under the deal, Alumina shareholders would receive 0.02854 shares of Alcoa common stock for each share held. This would imply a value of A$1.15 per Alumina share, based on Alcoa’s closing price as of February 23.

Alumina's Managing Director and CEO Michael Ferraro intends to recommend shareholders vote in the favour of the proposal, in the absence of a superior proposal, the company said.