LONDON (Reuters) - London-based conglomerate GFG Alliance plans to merge its aluminium assets into a new company, ALVANCE, headquartered in Paris, it said on Monday.
The privately-held GFG Alliance, which holds the family interests of British commodities tycoon Sanjeev Gupta, said last October it was merging its steel operations ahead of a possible listing.
At the time, Gupta told Reuters that other sectors in the GFG Alliance were also being prepared for potential IPOs.
ALVANCE Aluminium Group, with more than 1,700 people, will consist of five operations, all but one in France, including Europe’s largest aluminium smelter in Dunkirk, a statement said.
In December, Gupta’s group agreed to buy the Duffel aluminium plant in Belgium from Novelis, which will be added to ALVANCE once the deal is finalised.
Gupta, executive chairman of the GFG Alliance, pledged last year when forming his Liberty Steel Group that it would become carbon neutral by 2030 and on Monday said in the statement ALVANCE would take on the same commitment.
Reporting by Eric Onstad, editing by Louise Heavens