On Monday, January 13, Aluminium Bahrain B.S.C. (Alba) updated that its strategic merger discussion with Saudi Arabian Mining Company (Ma'aden) is no longer in action after being decided mutually. Ma'aden also said the same in its filing to Tadawul, adding that it would keep looking for growth opportunities regionally and globally.
The news followed the extension of the potential deadline for the merger to the second quarter of 2025 to get additional time to conduct thorough due diligence and evaluate the financial benefits of the collaboration.
Alba and Ma'aden first signed a non-binding agreement in September 2024 to form a partnership, whereby the latter agreed to transfer its subsidiaries, Ma'aden Aluminium Company (MAC) and Ma'aden Bauxite and Alumina Company (MBAC), to Alba in exchange for newly issued Alba shares.
Had the merger been executed, it would have reshaped the global aluminium landscape, becoming one of the largest producers worldwide.
Ma'aden agreed to this partnership primarily due to expanding its presence in low-carbon metals manufacturing.
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