Approval conditioned on sale of Aleris' Plant in Duffel, Belgium
Novelis Inc. 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.
The company expects to close the transaction by 21 January 2020, the outside date under the merger agreement.
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