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Mumbai, May 11

Hindalco Industries Ltd, on Friday said that its acquisition of the US company Novelis has been okayed by a majority of stakeholders in the American company. In an official statement, Hincdalco said 99.8 per cent of the shareholders were in favour of the transaction. Under the terms of the transaction, Hindalco, through its subsidiary, AV Metals Inc, will acquire Novelis for $44.93 per common share in cash. The total transaction is valued at $6 billion. Upon completion of the arrangement, Novelis will become a subsidiary of Hindalco. Both companies have received all regulatory consents. Hindalco expects the transaction to be completed on May 15. On Friday, shares of Hindalco fell 1.40 per cent to close at Rs 144.55 on the BSE.

More Stories on : Mergers & Acquisitions | Aluminium | Hindalco Industries Ltd

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