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Rheinfelden (dpa / lsw) - The insolvent aluminum smelter Rheinfelden can be sold to the Russian group Rusal.

The Federal Ministry of Economics approved the purchase, a spokesman for Rusal announced on Friday.

"Now that all the relevant authorities have approved the transaction, the transaction will be completed in accordance with the purchase agreement."

The takeover will secure the future of all three business areas, it said.

All jobs are secured.

Further information should be available after the purchase is complete.

The Euroatlantic investor group and a medium-sized consortium had previously tried to acquire the aluminum smelter based in Rheinfelden (Lörrach district).

A spokesman for Euroatlantic announced on Friday that the decision was noted with regret.

The own initiative came very late.

Euroatlantic would have been the better alternative for the workforce and the creditors of Alu Rheinfelden, for the city and region.

The sales of Aluminum Rheinfelden GmbH fell in the past year.

Above all, the crisis-ridden automotive industry bought fewer products.

Eventually, the company, which was founded at the end of the 19th century, came under financial pressure and had to file for bankruptcy.

Most recently there were more than 200 jobs in production in Rheinfelden.

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© dpa-infocom, dpa: 210409-99-139283 / 2