Saudi Arabia's Ma'aden, Alba ink non-binding deal to form global aluminium powerhouse

Saudi Arabian Mining Company (Ma'aden) said on Monday it has signed a non-binding agreement with Aluminium Bahrain (Alba) to pursue a potential business combination to create a global aluminium powerhouse.

Ma'aden agreed to buy shares in Alba in exchange for the entire share capital of two of its subsidiaries - Ma'aden Aluminium and Ma'aden Bauxite and Alumina - which were part of a joint venture with Alcoa.