Novelis Inc receives final clearance to complete acquisition of Aleris Corpn
Aleris Corporation is a global supplier of rolled aluminium products
Hindalco Industries’ overseas subsidiary Novelis Inc has received final clearance to complete the acquisition of Aleris Corporation. Aleris Corporation is a global supplier of rolled aluminium products.
Earlier, the European Commission had determined that the acquisition could proceed on the condition that Novelis divest Aleris' plant in Duffel, Belgium, to a third-party approved by the Commission. Novelis Inc satisfied that condition when the European Commission determined that the proposed purchaser, Liberty House Group, is a suitable buyer of the Duffel facility.
Liberty House Group, which is part of the Gupta Family Group, intends to acquire the Duffel facility under its newly formed aluminium vertical called ALVANCE. The purchase price for the Duffel facility is EUR 310 million.
With the European Commission's approval of the buyer, Novelis Inc has now received all regulatory clearances and will move expeditiously to close the acquisition of Aleris Corporation.