Alba acquires Aluminium Dunkerque in $2.2bn deal

BY Fraser Tennant

A pivotal step in its strategy to build a global low-carbon aluminium platform, Aluminium Bahrain (Alba) is to acquire Aluminium Dunkerque in a transaction valued at approximately $2.2bn.

Upon closing of the transaction, Alba will acquire 100 percent of Aluminium Dunkerque – the largest aluminium smelter in the European Union – to be fully financed by a consortium of Alba’s banking partners.

Alongside Alba, French state-backed investment bank Bpifrance is to take a 6 percent ​stake for $116.5m under a memorandum of understanding. Bpifrance will ⁠also have a seat on the board of Aluminium Dunkerque’s holding ​company.

The entry of Bpifrance, as a key minority shareholder and member of the board of directors, aims to strengthen Aluminium Dunkerque’s presence in the region and demonstrates the strategic significance of the company within the French aluminium sector.

“Bpifrance’s investment in Aluminium Dunkerque underscores our commitment to securing and reinforcing the long-term future of this strategic industrial site,” said Nicolas Dufourcq, chief executive of Bpifrance. “By joining forces, we are not only supporting the growth of a key player in the European aluminium sector but also ensuring that Aluminium Dunkerque remains a cornerstone of France’s industrial resilience and innovation.”

Located in Loon-Plage in the Dunkerque region, Aluminium Dunkerque’s smelter produces approximately 300,000 tonnes of aluminium annually. With advanced automation, integrated production capabilities and a highly skilled workforce, the company is well-positioned to capitalise on the growing European demand for sustainably produced aluminium.

Previously owned by US private equity firm American Industrial Partners, the deal to acquire Aluminium Dunkerque was described by Nicolas Forissier, France’s minister for Foreign Trade and Economic Attractiveness, as “good news” in supporting investment, jobs, competitiveness and decarbonisation.

“We are pleased to mark an important step in the transition of Aluminium Dunkerque’s ownership to Alba,” said Dino Cusumano, general partner at AIP Industrial Partners. “Over the past four months, the process has advanced smoothly as expected thanks to the constructive work among all parties and a shared commitment to responsible execution.”

The transaction is subject to the completion of customary approvals.

Mr Cusumano added: “We remain confident that Alba is the right long-term owner for Aluminium Dunkerque and will be a strong partner for France in supporting the company’s continued development and strategic role in Europe.”

News: Alba to buy French aluminium smelter in $2.2 billion deal

Berkshire Hathaway agrees $6.8bn Taylor Morrison deal

BY Richard Summerfield

Berkshire Hathaway has agreed to acquire US homebuilder Taylor Morrison in a deal worth $6.8bn. The deal will see Berkshire pay Taylor shareholders $72.50 a share, valuing the group’s equity at $6.8bn, a 24 percent premium to Friday’s closing price. Including debts, the enterprise value of the business totals $8.5bn.

The deal is the first takeover originated by Greg Abel, Berkshire’s new chief executive, since he took over from Warren Buffett at the start of 2026. Mr Buffet remains the company’s chairman.

The transaction is expected to close in the second half of 2026 pending shareholder and regulatory approvals. Sheryl Palmer will remain Taylor’s chief executive, with the company’s existing management team staying intact.

“Joining Berkshire Hathaway is a once-in-a-lifetime opportunity to propel Taylor Morrison into its next, and most exciting, chapter, supported by Berkshire’s unmatched capital strength and long-term investment philosophy,” said Ms Palmer. “This transaction is a testament to the value of Taylor Morrison’s talented team members, trusted brand, community-minded development approach, and diversified portfolio.

“Over the last 13 years as a public company, we built a track record of strategic growth - expanding our geographic footprint, integrating acquisitions with discipline, and deepening our competitive strengths across procurement, brand, and customer experience. Berkshire Hathaway’s long-term orientation is uniquely well-suited to the multi-year investment cycle of homebuilding, and this combination will allow us to scale the Taylor Morrison platform in ways that would not be possible as a standalone company,” she added.

“Berkshire is acquiring a best-in-class national homebuilder, led by an exceptional team and backed by a trusted reputation for customer experience,” said Mr Abel. “We are excited to welcome Taylor Morrison into Berkshire’s portfolio, reflecting our long-standing commitment to housing, exemplified by Clayton Homes and our other building products businesses. Over time, we expect to unify our site-built homebuilding operations into a combined platform enabling us to deliver the dream of homeownership to more Americans.”

The deal expands Berkshire’s considerable position in the housing market. It already owns manufactured-home giant Clayton Homes, as well as a number of building product companies and Berkshire Hathaway HomeServices, one of the largest residential real estate brokerage franchise networks in the US.

Taylor Morrison operates in 12 US states under the Taylor Morrison, Esplanade and Yardly brands, including entry-level and ‘resort lifestyle’ housing. The company generated $8.1bn in revenues in 2025.

News: Berkshire Hathaway to buy Taylor Morrison for $6.8 billion in cash to expand in housing

Eli Lilly’s $4bn infectious diseases push

BY Richard Summerfield

Eli Lilly and Company has announced a trio of deals which will see it acquire three companies, Curevo Inc, LimmaTech Biologics and Vaccine Company, Inc, in separate transactions for a potential combined total of around $3.8bn.

According to a statement announcing the deals, ​Curevo shareholders could ​receive up to $1.5bn ⁠in cash, inclusive of an upfront payment, and a subsequent payment on achieving specified milestones. Curevo’s lead product candidate is amezosvatein, a shingles vaccine.

LimmaTech ​will be acquired for up to $780m in cash, inclusive of an ​upfront payment ⁠and additional potential payments. Its lead programme, LTB-SA7, is in early-stage development as a vaccine against S. aureus, a leading cause of surgical-site infection.

Lilly has also agreed to pay up to $1.55bn for ⁠Vaccine Company, ​which is developing a vaccine against the Epstein-Barr virus, ​a very common and highly contagious infection.

“These acquisitions reflect a deliberate strategy to prevent disease at its source rather than treat its consequences,” said Daniel M. Skovronsky, chief scientific & product officer, and president of Lilly Research Laboratories. “Decades of evidence now link common infections to diseases that potentially emerge years later, including neurological disease, cancer and infertility. And as antimicrobial resistance erodes our ability to treat bacterial infections, vaccines are increasingly the only path to prevention. Combining these companies’ platforms and teams with Lilly’s global scale positions us to change that trajectory.”

The deals are something of a step change for Eli Lilly, which is best known for cardiometabolic drugs. The company does, however, have some history with vaccines and infectious diseases, having previously played a pivotal role helping distribute the polio vaccine. More recently, it worked with AbCellera to develop antibody drugs for the coronavirus (COVID-19) pandemic.

To complement this push into infectious diseases, the company hired Peter Marks, the Food and Drug Administration’s former vaccine chief, as its head of infectious disease in 2025.

The acquisitions are just the latest in a string of deals announced by Eli Lilly in 2026 so far. Indeed, the company is on something of a record spending spree, announcing acquisitions worth more than $20bn as the drugmaker expands beyond its blockbuster obesity franchise.

In the weeks preceding the three vaccine-focused deals, the company also announced it had agreed a $7.8bn deal for sleep drugmaker Centessa Pharmaceuticals Plc and would spend up to $7bn for cancer drug developer Kelonia Therapeutics – two of its most expensive deals ever.

The company’s spending spree has been facilitated by the strong sales of its fast-selling obesity and diabetes drugs. As a result, Eli Lilly has acquired 10 drugmakers to date this year, in areas such as oncology, immunology, neurology, genetic medicine and now infectious disease.

News: Lilly to buy three vaccine developers for nearly $4 billion in infectious disease push

Jardines buys Australian radiology group in AU$3.4bn deal

BY Fraser Tennant

In a deal that looks beyond its conventional businesses, investment company Jardine Matheson is to acquire Australian medical imaging provider I-MED Radiology Network for AU$3.4bn.

Jardines, whose businesses span property, retail and automotive sectors, will buy a 100 percent stake in I-MED from funds advised ⁠by UK private equity firm Permira and other shareholders. The deal will be funded through a combination of Jardines’ existing cash resources and debt facilities.

The transaction also includes I-MED’s minority interest in Harrison.ai, a pioneer in developing radiology artificial intelligence (AI) solutions, including CT brain and chest scans.

The diagnostic imaging industry in Australia and New Zealand is one of the most advanced in the world, with demand underpinned by strong fundamentals including the region’s growing population, demand for non-doctor supported services, and increasing utilisation of diagnostic imaging as a tool for early diagnosis and preventative health.

The acquisition of I-MED represents a significant step for Jardines in its strategic evolution as an Asia Pacific-focused investor and control owner of high-quality businesses in the region.

“As a long-term, committed investor, our goal is to build larger, high-quality businesses across our portfolio, and we look forward to supporting I-MED in the next phase of its growth,” said Lincoln Pan, chief executive of Jardines. “I-MED is already a market leader in radiology today, and we expect the business will expand further in I-MED’s core markets as well as new markets.”

Operating a large, integrated network of 215 diagnostic imaging clinics across metropolitan and regional communities in Australia and New Zealand, I-MED is a leader in teleradiology – the technology-enabled remote interpretation of medical images – to support diagnoses for patients receiving care where radiologists may not be available in Australia, New Zealand and the US.

“We are looking forward to working with Jardines to execute on our growth agenda,” said Dr Shrey Viranna, chief executive of I-MED. “This means continuing to deliver high-quality, expert diagnostic services for the benefit of patients while also enhancing our service offering, implementing AI solutions and exploring international growth opportunities.”

The transaction is subject to customary closing conditions including regulatory approvals, and is expected to complete in late 2026.

“I-MED have a first-class management team, which have not only driven consistent earnings growth, but have stayed at the cutting edge of innovation, including bold steps into AI which will allow them to strengthen their market-leading position, while still supporting high clinical standards,” added Mr Pan.

News: Jardine Matheson to buy Australia's I-MED at $2.4 billion enterprise value in healthcare push

Crypto collapse: Bitcoin Depot files for Chapter 11

BY Fraser Tennant

Bitcoin Depot, the largest bitcoin automated teller machine (BTMs) operator in North America, has filed for voluntary Chapter 11 bankruptcy and shut down its entire network of over 9000 machines.

With the company having exhausted other alternatives before seeking bankruptcy protection, the court will oversee proceedings, which include Bitcoin Depot’s Canadian entities. Separate restructuring proceedings are expected to commence in Canada.

Founded in 2016 with the mission to connect those who prefer to use cash to the broader, digital financial system, Bitcoin Depot provides its users with simple, efficient and intuitive means of converting cash into Bitcoin, which users can deploy in the payments, spending and investing space.

However, under severe financial pressure for months prior to the bankruptcy filing, the company reported a 49.2 percent revenue decline year over year for the first quarter of 2026, as well as posting a $9.5m net loss compared with $12.2m in net income a year earlier.

“Over time, the company has strengthened its protocols and procedures to combat fraud and protect customers who use its BTMs,” said Alex Holmes, chief executive of Bitcoin Depot. “This includes enhanced identity verification, customer fraud warnings and the recent adoption of lower transaction limits for customers.

“Nevertheless, the regulatory environment for BTM operators has shifted significantly,” he continued. “States have imposed increasingly stringent compliance obligations, including new transaction limits, and in some jurisdictions, outright restrictions or bans on BTM operations. Operators have also faced increasing litigation and regulatory enforcement.”

As a result, the company’s stock has plummeted 79.48 percent over the past six months. In another setback, hackers breached the company’s IT systems and stole $3.7m from its crypto wallets.

As a result of these developments, Bitcoin Depot’s business and financial position was materially affected, leaving the company’s current business model unsustainable.  

“After evaluating all options, we determined to initiate this court-supervised process to facilitate an orderly wind-down of operations and a sale of the company’s assets,” said Mr Holmes. “We are grateful to our customers, suppliers and business partners for their support. I also want to thank our employees across the globe for their continued hard work and dedication.”

News: Bitcoin Depot Initiates Voluntary Chapter 11 Process To Facilitate An Orderly Wind-Down And Sale Of The Company's Assets