Monday 21 January 2019
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business-standard - 2 month ago

Liberty seals financing pact with banks for buying Aluminium Dunkerque

UK-based Liberty, part of Indian origin industrialist Sanjeev Gupta s global GFG Alliance, Friday said it has entered into a financing pact with a syndicate of major international banks for buying Aluminium Dunkerque -- the Europe s largest aluminium smelter -- from Rio Tinto. The term loan, secured on standard financial terms, provides five-year committed funds, the company said in a statement. This now clears the way for the eagerly-anticipated deal on the 560-worker site to be formally completed before the end of November following the completion of closing mechanics, it said. The development follows extensive talks over recent months aimed at securing French government approvals, long-term power price contracts and robust measures to protect the business in the face of aluminium market turbulence arising in part from US sanctions against Rusal and the closure of a major alumina refinery in Brazil, Liberty said. After completion, Liberty intends to make substantial investments ..

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