Aloft Holdings may acquire Alcoa’s Portland Aluminium smelter in Australia

The Alcoa-owned Portland Aluminium smelter, Australia's second-largest aluminium producer, is in talks with Aloft Holdings, a Dutch company run by an Australian investment banker.

According to our report, people familiar with the situation stated, that Aloft Holdings which was floated in November 2021 to buy and run aluminium assets globally, has done the assessment of the Portland aluminium smelter and has been in dialogue with American Industrial Corporation, Alcoa’s Australian assets for months in regards to a potential deal.

Furthermore, Aloft also moved to Australian and offshore financial institutes for debt funding, to strive its offer into a fully funded bid.

In the past six months, Alcoa's local subsidiary Alcoa of Australia held confidential discussions with Aloft and other potential suitors about the Portland smelter. The company is reportedly keen to sell its stake, provided the price is right.

It would be a big acquisition for Aloft following its acquisition of the only aluminium smelter in the Netherlands, Aldel in a management buyout and delivered a statement promising to form a new international metals group.

Located in Delfzijl, Aldel is primarily a producer and trader of aluminium and aluminium products. The acquisition by Chris McNamee is backed by Swiss trading company Glencore International, which is one of Aldels' largest off-takers. Previously employed by Goldman Sachs and National Australia Bank, Chris McNamee is a 40-year-old Australian.