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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Rio Tinto plc    RIO   GB0007188757

RIO TINTO PLC

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GFG agrees to buy Duffel aluminium plant in Belgium from Novelis

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12/06/2019 | 08:10am EST
A view of the Lochaber Aluminium smelter and hydroelectric site, which is owned by Sanjeev Gupta's GFG Alliance, at Fort William

GFG Alliance, owned by British commodities tycoon Sanjeev Gupta, has agreed to buy the Duffel aluminium plant in Belgium from Novelis , the group said on Friday.

The deal for the plant, which supplies the auto industry and is one of the largest rolling mills in Europe, adds to a string of acquisitions in steel and aluminium across Europe by Gupta's privately-held group. No price was disclosed.

"The deal is consistent with GFG Alliance’s strategy to create an international, vertically integrated aluminium business," GFG said in a statement.

The group, which said it aimed to close the Duffel deal in coming months subject to regulatory approval, bought Europe's biggest aluminium smelter in France last year from Rio Tinto Plc for $500 million and purchased the Lochaber smelter in Scotland in 2016.

GFG said buying Duffel would unlock savings for its two smelters in Europe in freight costs, as well as in research and development.

Duffel, which buys some of its primary metal from GFG's French smelter, produces components for the auto industry, including Volkswagen and BMW, a GFG spokesman said.

Duffel has the capacity to produce about 240,000 tonnes of semi-finished aluminium products per year, according to the Aleris website.

The sale of the Duffel plant was a condition set by the European Union for clearing the $2.6 billion takeover by Novelis of automotive sheet body producer Aleris.

Novelis, U.S.-based but owned by India's Hindalco Industries, is the world leader in aluminium rolled products and aluminium recycling.

GFG holdings had grown rapidly from its roots as a metals trader by spending billions of dollars buying up often troubled metals manufacturing facilities from the United States to Europe and Australia.

By Eric Onstad and Barbara Lewis

Stocks mentioned in the article
ChangeLast1st jan.
BMW AG -1.43% 68.4 Delayed Quote.-5.10%
CRB COMMODITY INDEX 0.10% 195.01 End-of-day quote.0.00%
LME ALUMINIUM CASH -0.34% 1775.5 End-of-day quote.0.20%
RIO TINTO PLC -4.92% 4214.5 Delayed Quote.-1.43%
SHINSEI BANK, LIMITED 1.17% 1735 End-of-day quote.6.12%
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Financials (USD)
Sales 2019 42 623 M
EBIT 2019 15 802 M
Net income 2019 9 619 M
Debt 2019 5 428 M
Yield 2019 7,62%
P/E ratio 2019 9,81x
P/E ratio 2020 10,6x
EV / Sales2019 2,44x
EV / Sales2020 2,57x
Capitalization 98 412 M
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Mean consensus HOLD
Number of Analysts 28
Average target price 57,26  $
Last Close Price 58,05  $
Spread / Highest target 33,2%
Spread / Average Target -1,36%
Spread / Lowest Target -35,4%
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NameTitle
Jean-Sébastien Jacques Chief Executive Officer & Executive Director
Simon Robert Thompson Chairman
Jakob Stausholm Chief Financial Officer & Executive Director
Michael Gerard L'Estrange Independent Non-Executive Director
Megan Clark Independent Non-Executive Director
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