Hindalco gets EU go-ahead to buy Aleris for $2.6 bn; shares up 7%

Hindalco shares closed at Rs 107 a share, as all clearance for the acquisition, which was announced in July 2018, finally fell into place for the acquisition of Cleveland-based Aleris.

The share price of Aditya Birla Group’s Hindalco shot up by 7 per cent on Thursday as its subsidiary, Novelis, won the final clearance from the European Commission, an executive branch of the European Union (EU), to go ahead with the $2.6-billion acquisition of Aleris. According to conditions set by the EU, Aleris will have to first sell its Belgium-based plant.

The firm agreed to sell the plant to Liberty House for $337 million. Hindalco shares closed at Rs 107 a share, as all clearance for the acquisition, which was announced in July 2018, finally fell into place for