Bahrain's Alba Acquires Aluminium Dunkerque, the EU's Largest Aluminium Smelter, for USD 2.2 Billion

Aluminium Bahrain B.S.C. (Alba), the world's largest single-site aluminium smelter, has agreed to acquire Aluminium Dunkerque – the largest aluminium smelter in the European Union – in a transaction valued at approximately USD 2.2 billion, marking a pivotal step in Alba's strategy to build a global low-carbon aluminium platform. The deal was announced jointly with American Industrial Partners, who are the current owners of Aluminium Dunkerque, and Bpifrance, the French public investment bank who will acquire a minority stake in the company alongside Alba.

The Memorandum of Understanding with Bpifrance (MoU) was signed in Paris on the sidelines of the Choose France Summit – the leading investment summit – in the presence of His Excellency Shaikh Salman bin Khalifa Al Khalifa, Minister of Finance and National Economy and Chairman of Mumtalakat Holding Company, and Mr Nicolas Forissier, France's Minister Delegate for Foreign Trade and Economic Attractiveness. The parties to the signing ceremony were represented by Mr Khalid Amro Al-Rumaihi, Chairman of Alba's Board of Directors; Mr Dino Cusumano, Managing Partner at American Industrial Partners; and Mr José Gonzalo, Executive Director of Capital Development at Bpifrance.

Upon closing of the transaction, Alba will acquire 100% of Aluminium Dunkerque in a transaction valued at approximately USD 2.2 Billion, to be fully financed by a consortium of Alba's banking partners. The MoU between Alba and Bpifrance further provides for a capital investment of EUR 100 million by Bpifrance in the transaction, representing a 6% ownership stake in Aluminium Dunkerque, subject to the completion of customary approvals. Bpifrance will also hold a seat on the Board of Directors of Aluminium Dunkerque’s holding company.
The entry of Bpifrance, as a key minority shareholder and member of the Board of Directors, aims to strengthen Aluminium Dunkerque’s presence in the region and demonstrates the strategic significance of the company within the French aluminium sector.

His Excellency Shaikh Salman bin Khalifa Al Khalifa affirmed that this transaction is a reflection of the strong and enduring economic ties between Bahrain and France, and demonstrative of the confidence international partners place in Bahrain as an investment destination. He added that it reinforces Bahrain's position as a competitive industrial hub with the qualified local talent and advanced capabilities to pursue opportunities on the world stage.

Mr Khalid Amro Al-Rumaihi, Chairman of Alba's Board of Directors, highlighted the significance of Aluminium Dunkerque as one of France's strategic industrial assets and that the acquisition is a defining moment for Alba that demonstrates strong confidence in the company's promising potential and long-term growth prospects, and represents a strategic step towards building a more diversified and competitive international industrial platform – one that strengthens Alba's presence in global markets and supports its capacity to achieve sustainable growth. He further noted the important opportunities this partnership creates to enhance industrial resilience in both the Kingdom of Bahrain and the French Republic, and to advance the economic and industrial partnership between the two nations.

Nicolas Dufourcq, CEO at Bpifrance, said: "Alongside Alba, Bpifrance’s investment in Aluminium Dunkerque underscores our commitment to securing and reinforcing the long-term future of this strategic industrial site. By joining forces, we are not only supporting the growth of a key player in the European aluminium sector but also ensuring that Aluminium Dunkerque remains a cornerstone of France’s industrial resilience and innovation. Together, we will work to strengthen the site’s industrial project, fostering sustainable development and competitiveness for years to come."

Dino Cusumano, General Partner at AIP, said: “We are pleased to mark an important step in the transition of Aluminium Dunkerque’s ownership to Aluminium Bahrain. Over the past four months, the process has advanced smoothly as expected thanks to the constructive work among all parties and a shared commitment to responsible execution. We remain confident that Alba is the right long-term owner for Aluminium Dunkerque and will be a strong partner for France in supporting the company’s continued development and strategic role in Europe. Aluminium Dunkerque’s success during our ownership reflects France’s enduring attractiveness as a destination for long-term industrial investment, supported by its strong industrial base, skilled workforce and commitment to decarbonisation.”

Located in Loon-Plage in the Dunkerque region, the smelter produces approximately 300,000 tonnes of aluminium annually. With advanced automation, integrated production capabilities, and a highly skilled workforce, Aluminium Dunkerque is well-positioned to capitalise on the growing European demand for sustainably produced aluminium.