Aluminum Bahrain (Alba), the largest single-site aluminum smelter in the world, American Industrial Partners, and BBI France, the French public investment bank, announced Alba’s acquisition of Aluminum Dunkirk, the largest aluminum smelter in the European Union, which contributes to supporting the ambitious aspirations of building a global platform for low-carbon aluminum.
The signing ceremony of the memorandum of understanding was held in the French capital, Paris, in the presence of Sheikh Salman bin Khalifa Al Khalifa, Minister of Finance and National Economy and Chairman of the Board of Directors of Bahrain Mumtalakat Holding Company, and Nicolas Fourisset, Minister Responsible for Foreign Trade and Economic Attraction of the French Republic, within the framework of participation in the “Choose France” conference, the leading investment conference, where the Memorandum of Understanding was signed by Mr. Khalid Amr Al Rumaihi, Chairman of the Board of Directors of Alba, and Mr. Dino Cusumano, General Partner of American Industrial Partners, Mr. Jose Gonzalo, Executive Director of Capital Development at BBI France.
Upon completion of the transaction, Alba will fully acquire Aluminum Dunkirk in a deal valued at approximately US$2.2 billion, which will be fully financed through a consortium of Alba’s partner banks. The Memorandum of Understanding between Alba and BBI France also stipulates a capital investment by the bank of €100 million in Aluminum Dunkirk, representing a 6% ownership stake in Aluminum Dunkirk.ٜThis is subject to completion of the usual regulatory approvals. BPI France will have a seat on the board of directors of the Dunkirk Aluminum Holding Company.
The inclusion of BBI France as a major minority shareholder and member of the Board of Directors aims to strengthen the presence of Aluminum Dunkirk in the region and confirms the strategic importance of the company within the French aluminum sector.
On this occasion, Sheikh Salman bin Khalifa Al Khalifa, Minister of Finance and National Economy and Chairman of the Board of Directors of Bahrain Mumtalakat Holding Company, affirmed that this strategic partnership reflects the depth of the economic relations between the Kingdom of Bahrain and the French Republic, and represents an extension of the path of fruitful cooperation and distinguished partnership between the two friendly countries in order to achieve common interests, pointing out that this qualitative step embodies the growing confidence in the investment environment that the Kingdom enjoys and the characteristics that make it an attractive destination for investments and strategic partnerships, pointing out This partnership enhances the competitive position of the Kingdom of Bahrain as an industrial and investment center with high capabilities and qualified national competencies, which supports expanding the scope of international partnerships and opening new horizons for growth in global markets.
For his part, Khalid Amr Al Rumaihi, Chairman of Alba’s Board of Directors, expressed his pride in signing the memorandum of understanding with BBI France and American Industrial Partners, in conjunction with the “Choose France” conference, noting the important value that Dunkirk Aluminum Company represents as one of the strategic industrial assets in France, as this agreement reflects the growing industrial and economic partnership between the Kingdom of Bahrain and the French Republic. Al Rumaihi stressed that this partnership reflects great confidence in the company’s promising potential and its long-term growth prospects. It also represents a strategic step towards building a more diversified and competitive international industrial platform that enhances Alba’s presence in global markets and supports its ability to achieve sustainable growth, in addition to the important opportunities it provides to contribute to enhancing industrial flexibility in both the Kingdom of Bahrain and the French Republic, and consolidating the economic and industrial partnership between the two friendly countries in a way that achieves common interests and supports paths of development and prosperity.
Nicolas Dufourcq, CEO of BBI France, said: “BBI France’s investment in Aluminum Dunkirk, alongside Alba, confirms our commitment to supporting and strengthening the long-term future of this strategic industrial location. By joining forces, we are not only supporting the growth of one of the key companies in the European aluminum sector, but we are also ensuring that Aluminum Dunkirk continues to be a fundamental pillar of industrial resilience and innovation in France. We will work together to strengthen the site’s industrial project, supporting sustainable development and enhancing the company’s competitiveness for years to come.”
