A PYMNTS Company

United Arab Emirates: Sources reveal $15B plan for aluminum powerhouse

 |  June 3, 2013

Sources, who have requested anonymity due to the confidentiality of the proposal, have revealed to reporters that Mubadala Development Co., based in Abu Dhabi, will purchase a stake in the state-owned Dubai Aluminum Co. The deal will see the combination of the United Arab Emirates’ two largest aluminum producers and, according to a source, will result in a joint venture worth $15 billion, though the price Mubadala will pay for the buyout remains unknown. According to reports, Mubadala will work with Investment Corp. of Dubai to carry out the venture, which would see the joining of Dubai Aluminum with Emirates Aluminum Co. The result would be a joint venture equally controlled by the parties.

Full Content: Bloomberg

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.