Bahrain Firm Tees Up Biggest Overseas Deal Amid Missile Strikes

Aluminium Bahrain BSC is buying the top aluminum smelter in the European Union, in what would be the Middle Eastern country’s biggest-ever overseas corporate takeover even as it weathers missile attacks from Iran.

The Bahraini company, known as Alba, reached an agreement to buy Aluminium Dunkerque Industries France SAS from private equity firm American Industrial Partners LP, according to a statement Monday. The transaction value wasn’t disclosed, but it will be in cash and underwritten by a group of banks.

The deal values Aluminium Dunkerque at more than €1 billion ($1.2 billion), people with knowledge of the matter said, ...