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Aluminium Bahrain B.S.C., known as Alba, said on Monday it has mutually agreed with Saudi Arabian Mining Co., (Ma’aden) to discontinue talks on the proposed merger where the Saudi miner would sell Ma’aden Aluminium Co. and two of its aluminium units to Alba in exchange for an allotment of Alba’s share capital, potentially creating a global aluminium powerhouse.
In a bourse filing Alba, Bahrain’s largest listed company and one of the largest smelters in the world, said it was also mutally decided with Ma’aden to terminate the contract for marketing and sale of products made by Ma’aden Aluminium Co.
In a December update, Maaden had notified of an extension to the validity period of the non-binding heads of terms with Alba to the second quarter of 2025. Previous to that, Ma’aden’s shareholders had given the go-ahead for the acquisition of Sabic's stake in Alba with the transaction valued at around $1 billion.
(Writing by Brinda Darasha; editing by Seban Scaria)
