Bahrain-based industrial conglomerate Alba has moved into exclusive discussions with U.S. investment fund AIP over the purchase of Aluminium Dunkerque, the companies announced on Monday. If completed, the transaction would rank among the largest corporate deals in Bahrain.
According to the joint statement, Alba intends to acquire all outstanding shares of Aluminium Dunkerque. The purchaser has committed to maintaining workforce numbers at the smelter and to pursue measures aimed at strengthening low-emission production at the site.
One person with knowledge of the matter said the company was valued at more than 1 billion euros. The announcement stated the acquisition would be paid in cash, and that financing for the deal is fully underwritten by a syndicate of relationship banks.
In addition to Alba and AIP, the statement noted that France’s state-owned investment bank Bpifrance may take a stake in Aluminium Dunkerque. The parties did not disclose the agreed purchase price in their announcement.
Aluminium Dunkerque currently produces roughly 300,000 metric tons of aluminium each year. Because the buyer is foreign, the transaction must clear foreign investment controls and obtain approvals from both the French state and the European Commission before it can be completed.
The companies said the transaction is expected to be finalised in 2026. Beyond that timeline, details on the structure of any stake for Bpifrance or further operational changes at the smelter were not provided in the joint statement.
Context and mechanics
The agreement as described involves a cash purchase backed by relationship banks that have underwritten the financing. The plan to retain staff and to enhance low-emission production were highlighted as specific commitments tied to the proposed acquisition.
Regulatory path
Completion depends on regulatory sign-offs under foreign investment control procedures led by the French state and the European Commission. The companies set 2026 as the expected year for finalisation but offered no further schedule details.