British-owned commodities-focused business Liberty House Ltd. is set to complete the acquisition of Rio Tinto's Dunkerque aluminum smelter in November as it secured funding for the purchase.
The group, which is part of Sanjeev Gupta's global GFG Alliance, entered into a committed financing agreement with a syndicate of major international banks to purchase the France-based smelter.
Gupta recently approached several trading houses for at least US$160 million in loans related to the US$500 million acquisition of Dunkerque.
The term loan secured on standard financial terms provides five year committed funds, according to the Nov. 9 release.
Following completion, Liberty plans to further invest in the flagship plant, which will produce metals and components for the automotive and other industries in France.
Liberty also acquired the aluminum wheels factory at Chateauroux in central France, it noted.
