Deals
Maaden in Talks to Sell Aluminum Units to Bahrain’s Alba
- Alba would allot new shares to Maaden and seek cross-listing
- Maaden agreed Sunday to acquire Alcoa’s assets in the kingdom
The companies signed non-binding heads of terms, and the proposal is pending regulatory approval.
Photographer: Simon Dawson/BloombergThis article is for subscribers only.
Aluminum supplier Saudi Arabian Mining Co., which just signed a deal with Alcoa Corp., is pursuing another transaction to swap two subsidiaries for shares in a Bahrain-based rival.
Maaden, as the Saudi miner is known, would sell the entire share capital of the units — Maaden Aluminium Co., and Maaden Bauxite and Alumina Co. — to Aluminium Bahrain B.S.C., known as Alba. In exchange, Alba would issue new shares for allotment to Maaden.