Novelis gets last EC clearance for Aleris acqusition

Novelis Inc, a subsidiary of Aditya Birla-led Hindalco Industries, has received the final clearance needed to complete its acquisition of Aleris Corporation, a global supplier of rolled aluminum products.

Previously, the European Commission determined that the acquisition could proceed on the condition that Novelis divest Aleris' plant at Duffel in Belgium to a third party approved by the commission.

Novelis 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 a part of the Gupta Family Group, intends to acquire the Duffel facility under its newly formed aluminum vertical called Alvance. The purchase price for the Duffel facility is 310 million euros.

"Novelis has completed the regulatory review process and is now prepared to close the acquisition and begin integrating Aleris into Novelis," said Steve Fisher, President and CEO of Novelis Inc.

"This will allow Novelis to further extend our position as the world leader in aluminum rolling and recycling and meet increasing customer demand for high-performing, sustainable aluminum solutions," he said in a statement.

With the European Commission's approval of the buyer, Novelis has now received all regulatory clearances and will move expeditiously to close the acquisition of Aleris.

Novelis Inc operates 23 facilities in 9 countries. It has 11,000 employees and recorded 12.3 billion dollars in revenue for its 2019 fiscal year.

( With inputs from ANI )