By Brazil Stock Guide – Emirates Global Aluminium (EGA), one of the world’s largest aluminum producers, is studying a potential acquisition of Companhia Brasileira de Alumínio (CBA), controlled by Brazil’s Votorantim Group, according to people familiar with the matter cited by Reuters. The EGA, jointly owned by the Abu Dhabi sovereign fund Mubadala and the Investment Corporation of Dubai, has hired Morgan Stanley as its investment advisor.
Reuters said it could not determine whether a formal offer had been made. Still, the talks highlight EGA’s push into emerging markets as part of its global expansion strategy in low-carbon metals. CBA (B3: CBAV3) operates across seven Brazilian states and has direct access to bauxite mines, giving it full control of the production chain — from mining to smelting.
Votorantim holds a 69% stake in the company, which industry analysts describe as a “fully integrated asset.” A deal would strengthen EGA’s competitive position against global peers such as Hydro (Norway) and Alcoa (US), both of which have established operations in Brazil.
CBA (CBAV3.SA) had a market capitalization of about US$ 487 million as of Monday’s close, according to LSEG data. Any acquisition would likely include a significant premium, given the asset’s strategic value and potential to make Brazil a green-aluminum export hub.
For Mubadala, the move would build on a growing Brazilian portfolio that includes Acelen (formerly Petrobras’s Mataripe Refinery in Bahia State) and Elea Digital, underscoring the UAE’s broader ambition to expand in infrastructure and clean-energy industries across Latin America.