American fund AIP in talks with Bahrain's Alba to sell Aluminium Dunkerque

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.

KEY DETAILS

* The price ⁠of the potential acquisition has not beendisclosed. * Aluminium Dunkerque ​produces roughly 300,000 metric tonsof aluminium per year. * The deal must be approved by the French ‌state and theEuropean Commission, as part of a foreign investment controlprocedure. * ‌The transaction is expected to be finalised ⁠in 2026.

($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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