Liberty acquires Rio Tinto's Dunkerque aluminium smelter [UPDATED]

Liberty House has made a binding conditional offer of $500 million to acquire Rio Tinto’s Dunkerque aluminium smelter in northern France, the largest smelter in Europe, the company confirmed on Wednesday January 10.

The deal adds capacity of 270,000 tonnes per year of aluminium to Liberty House, which is part of British group GFG Alliance - the investment vehicle owned by entrepreneur Sanjeev Gupta.
The binding conditional offer for $500 million is “subject to final adjustments,” Rio Tinto said.
The offer marks the start of a major expansion into continental Europe with ambitious plans to invest €2 billion ($2.38 billion) and develop the 570-worker plant in France, Liberty said in a release.
It also falls in line with the company's strategy to become a major aluminium market participant amid bullish views on the price outlook of the metal.

The price of aluminium for delivery in three months was recently at $2,180 per tonne on the London Metal Exchange, up sharply...

Published

Perrine Faye

January 10, 2018

13:31 GMT

London