Hindalco Industries on Thursday said its overseas subsidiary Novelis Inc has received the final clearance to complete the acquisition of Aleris Corporation.
Aleris Corporation is a global supplier of rolled aluminium products.
Earlier, the European Commission had determined that the acquisition could proceed on the condition that Novelis divest Aleris' plant in Duffel, Belgium to a third party approved by the Commission, according to a BSE filing by Hindalco.
Novelis satisfied that condition when the European Commission determined that the proposed purchaser, Liberty House Group, is a suitable buyer of the Duffel facility, it added.
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.
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The purchase price for the Duffel facility is 310 million euros, the filing said.
Novelis has completed the regulatory review process and is now prepared to close the acquisition and begin integrating Aleris into Novelis, Novelis Inc President and CEO Steve Fisher said.
This will allow Novelis to further extend our position as the worldleader in aluminum rolling and recycling and meet increasing customer demand for high-performing, sustainable aluminum solutions, Fisher said.
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.
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