Greek bauxite and bentonite producer S&B Industrial Minerals SA announced on 8 November 2011 that Mytilineos Holdings SA is set to “gradually acquire” S&B’s bauxite arm.
The acquisition is to take place over the next 30 months, with Mytilineos aiming to secure S&B’s bauxite assets as a raw material deal for its subsidiary Aluminium SA (ASA).
The initial part of the divestment will see S&B’s bauxite activities spun-off to ASA’s subsidiary Delphi Distomon SA, which will be restructured in a 51% ASA and 49% S&B holding.
S&B’s remaining 49% share will then be acquired gradually by ASA over the next 30 months.
Evangelos Mytilineos, chief executive officer of Mytilineos said: “After 50 years of operation in Greece, Aluminium SA, upon completion of the deal, will be in control of its primary raw...