Greek industrial giant Metlen remains the only European player officially in the race for the strategic French facility.
In Dunkerque, the shortlist of candidates vying to acquire Europe’s largest aluminium smelter is beginning to crystallize, highlighting the heightened interest from public authorities in a site that once belonged to the industrial giant Pechiney. According to reports from Les Echos, six foreign bidders—notably devoid of any French names—have submitted preliminary offers: EGA, Alba, Metlen, a Japanese conglomerate, and two additional industrial players. One of these candidates, Rio Tinto, has already sparked fierce backlash from labor unions.
The Anglo-Australian group was a shareholder in the plant from 2007 to 2018 and oversaw significant staff reductions before selling Aluminium Dunkerque to Indian businessman Sanjeev Gupta, whose business empire has since faced severe financial turbulence. The plant’s 750 employees are now openly calling for state intervention. This demand, gaining political weight ahead of local elections, appears to have been heard. Sources indicate that Bpifrance has been invited by Aluminium Dunkerque and its primary shareholder, American investment firm AIP, to conduct due diligence with the aim of supporting one or more of the bidders. Until now, the French state maintained it was watching the case with "vigilance" via the Ministry of Finance (Bercy); the involvement of Bpifrance marks a significantly more active step.
'The state is monitoring very closely'
"The state is monitoring this file very closely," stated the Ministry of Finance, clarifying that it remains in constant contact with management and unions. "The foreign investment screening process is ongoing. If an acquisition by a foreign group proceeds, the state will be extremely strict regarding the preservation of this strategic activity in Europe, the safeguarding of jobs, and the continuation of decarbonization projects already underway."
The participation of Bpifrance as a minority shareholder remains "one option among others," Bercy added, emphasizing that any future buyer must provide strong guarantees for continued investment and the supply of the French and European industrial sectors. The French government previously intervened in 2021, supporting AIP when it took control of Aluminium Dunkerque through a debt-for-equity swap during a bitter dispute with Sanjeev Gupta. Today, those turbulences seem distant. Since Aluminium Dunkerque—France’s largest industrial consumer of electricity—secured a ten-year power supply contract with EDF, investor interest has surged. AIP reportedly expects proceeds exceeding €1 billion from the sale. A Morgan Stanley note in late November valued the asset between €1.2 and €1.8 billion, based on a multiple of 4 to 6 times its €300 million EBITDA. The company's 2024 turnover reached €800 million.
'It is the asset we want most'
Beyond Rio Tinto, the primary contenders include two groups from the Arabian Peninsula: EGA from the United Arab Emirates and Alba from Bahrain. The former is owned by Abu Dhabi’s Mubadala fund—well known for its active investment presence in France—and the Dubai government’s investment arm, ICD. EGA accounts for approximately 4% of global aluminium production and employs 7,000 people. Alba, listed in Bahrain and London, is 69% controlled by the sovereign wealth fund Bahrain Mumtalakat and over 20% by the Saudi Arabian Mining Company (Ma’aden). Japanese firm Sumitomo is also cited among the potential suitors.
Metlen: The sole European candidate
The only European player officially in the race so far is Greece’s Metlen. This powerful mining and industrial group shares a common history with Pechiney, having acquired Aluminum of Greece—the former French giant’s Greek subsidiary—in 2005 after a brief period of Canadian ownership under Alcan. Metlen, with 5,000 employees, is currently the only European producer controlling the entire value chain: from bauxite mining to the conversion of alumina into aluminium, as well as energy through its subsidiary Protergia, one of Greece’s largest power providers.
In an era of intense debate over European industrial sovereignty, the company highlights its partnerships with major German and French defense groups, such as last year’s agreement with KNDS France to manufacture components for the "Philoctète" armored vehicle. Furthermore, it has secured €400 million in funding from the European Investment Bank to establish Europe's first production line for gallium—a rare metal critical for radar and semiconductor manufacturing. According to Morgan Stanley, acquiring Aluminium Dunkerque would allow Metlen to increase its aluminium production by 2.5 times, bringing it closer to European titans like Norsk Hydro. The group, which recently listed on the London Stock Exchange in addition to Athens, possesses the liquidity for major moves. "It is the asset we want most," said a source close to the company. Binding offers are expected by the end of February, though the American fund notes that it retains the option of an IPO if no satisfactory bid is received.
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