Companies

Novelis gets nod for Aleris buy in Europe with rider

Our Bureau Mumbai | Updated on October 01, 2019 Published on October 01, 2019

Novelis Inc, a subsidiary of Hindalco Industries, has received the European Commission’s conditional approval for its proposed acquisition of Aleris Corporation.

The approval is contingent upon the sale of Aleris’ plant in Duffel, Belgium, which produces aluminium for the automotive and specialities markets. Novelis is working expeditiously to market the plant to potential buyers and sign a definitive agreement.

With this conditional approval in the European Union and arbitration process for approval in the US, Novelis continues to work closely with the Chinese State Administration for Market Regulation to receive its approval, said the company in a statement on Tuesday.

The company expects to close the transaction by January, the outside date under the merger agreement.

Published on October 01, 2019
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