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Novelis Acquisition of Aleris Gets delayed

Metal News - Published on Wed, 15 Jan 2020

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Mint, citing two people close to the development, reported that Aditya Birla Group is in talks to extend the closure of its planned acquisition of US aluminium products maker Aleris Corp by three months due to delays in securing regulatory approvals. Sources said “Though China has already cleared the deal, authorities in the US and the European Union are still vetting the deal, and it is unlikely that it will close by its original deadline.”

An Aditya Birla Group spokesperson said “Novelis remains fully committed to completing the Aleris acquisition and continues to work with all relevant parties to do so as quickly as possible."

In July 2018, Aditya Birla Group company Hindalco announced the USD 2.6 billion purchase of Aleris, with an outside date to complete the deal by 21 January, 2020. Aleris has 13 facilities across North America, Europe and China. Aleris has long-term supply contracts with plane makers Boeing, Airbus and Bombardier, besides several carmakers. The acquisition will give Hindalco access to the aluminium supply market for the building and construction segments.

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Posted By : Rabi Wangkhem on Wed, 15 Jan 2020
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