Saudi Arabian aluminium producer Ma'aden has agreed to acquire the 20.62pc share of fellow Middle Eastern aluminium producer Aluminium Bahrain (Alba) that is owned by Saudi chemical manufacturer Sabic, the company said on Tuesday.
Ma'aden is pursuing an aggressive growth strategy that includes a series of acquisitions to expand its business both regionally and internationally, with its aluminium business core to that strategy.
Ma'aden announced earlier this week that it is buying Alcoa's 25.1pc share of the Ma'aden joint venture, which owns and operates the Ma'aden Bauxite and Alumina and Ma'aden Aluminium businesses, giving Ma'aden full ownership of those subsidiaries.
This was followed by the announcement that Ma'aden and Alba have entered into a non-binding agreement to explore a potential combination of the two companies that could "create a larger, vertically integrated global champion", Alba said.
"As we continue in our growth journey, the acquisition of shares in a highly experienced, well-developed regional and global aluminium player firmly supports our ambitions," Ma'aden chief executive Bob Wilt said.
