A new Dutch company run by a former Australian investment banker was recently in advanced talks to buy Australia’s second-largest aluminum producer, the Portland aluminum smelter, from Alcoa, according to AFR.
Aloft Holdings, a Dutch company formed last November to buy and operate aluminum assets globally, has conducted due diligence in Portland and has been in talks with Alcoa for months about a potential deal, according to sources involved in the negotiations.
Alcoa Holdings has also sought debt financing from Australian and offshore banks in an attempt to convert its offer into a well-funded bid.
Aldel, the only aluminum smelter in the Netherlands, is being acquired by the company in 2021, according to the official website of Yaloxian Holdings.
Alcoa Australia, a local subsidiary of Alcoa, owns 55 percent of the Portland smelter and has been in confidential talks with Aloft and other potential buyers for the past six months. Minority investors in the smelter include China’s CITIC Group and Japan’s Marubeni.
Alcoa is understood to be keen to sell its holdings, provided it can get the right price. An Alcoa Australia spokesman declined to comment Thursday.
According to the world aluminum news, Alcoa Portland aluminum smelter is located in Portland, Victoria, Australia, with a primary aluminum production capacity of 345,000 tons per year, with two 310KA electrolytic aluminum production lines, which were put into operation between 1986 and 1988.
Post time: Jul-09-2022