Novelis Inc., the world leader in aluminum rolling and recycling, today announced that the European Commission has approved its proposed acquisition of Aleris Corporation.
The approval is conditioned upon the sale of Aleris' plant in Duffel, Belgium, which produces aluminum for the automotive and specialties markets. Novelis is working expeditiously to market the plant to potential buyers, with the chosen counterparty and the definitive agreement for divestiture subject to European Commission approval.
With this conditional approval in the European Union, as well as a clear path forward for approval in the U.S., Novelis continues to work closely with the Chinese State Administration for Market Regulation (SAMR) to receive its approval.
"Today's announcement is another step forward in bringing Novelis and Aleris together, which will benefit our customers, employees and the aluminum industry as a whole," said Steve Fisher, President and CEO, Novelis Inc. "Overall, this transaction will strengthen our ability to compete against steel in the automotive market, meet growing customer demand for aluminum, achieve our recycling goals, and bolster our sustainability platform worldwide. In addition, it will further enhance our strategic position in Asia and diversify our overall product portfolio.
The company expects to close the transaction by January 21, 2020, the outside date under the merger agreement.
Shares of HINDALCO INDUSTRIES LTD. was last trading in BSE at Rs.182.6 as compared to the previous close of Rs. 189.6. The total number of shares traded during the day was 407591 in over 2179 trades.
The stock hit an intraday high of Rs. 188 and intraday low of 180.05. The net turnover during the day was Rs. 74618202.