March 2 (Reuters) – Bahrain-based industrial group Alba has entered exclusive talks with U.S. fund AIP to acquire Europe’s largest smelter Aluminium Dunkerque, the companies said on Monday, in what would be one of the Bahrain’s biggest corporate deals.
Alba said it aims to buy all shares of Aluminium Dunkerque, while preserving personnel numbers and strengthening low-emission production, it said in the joint statement.
The company was valued north of 1 billion euros ($1.17 billion), one person with knowledge of the matter said.
The deal will be paid in cash, with funding fully underwritten by a syndicate of relationship banks, the companies said.
In addition, Alba said France’s state-owned investment bank Bpifrance may also take a stake in the company.
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($1 = 0.8537 euros)
($1 = 0.8564 euros)
(Reporting by Mateusz Rabiega and Federico Maccioni. Writing by Anousha SakouiEditing by Tomasz Janowski)
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