Novelis gets European Commission approval for proposed acquisition of Aleris

Oct 4, 2019   Tier Suppliers

Novelis Inc., the world leader in aluminium rolling and recycling, has 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 aluminium 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.

"Today's announcement is another step forward in bringing Novelis and Aleris together, which will benefit our customers, employees and the aluminium industry as a whole," said Steve Fisher, President and CEO, Novelis Inc. "Overall, this transaction will strengthen our ability to compete against steel in the automotive market, meet growing customer demand for aluminium, achieve our recycling goals, and bolster our sustainability platform worldwide. In addition, it will further enhance our strategic position in Asia and diversify our overall product portfolio."

The company expects to close the transaction by January 21, 2020, the outside date under the merger agreement.

Don't miss out

Be the first to know about the latest news in the automotive and transportation industry, through our weekly mailer and bi-monthly publications.

Subscribe
Three6Zero
Automotive Purchasing and Supply Chain
New Mobility
Automotive Global Awards
Automotive Leaders Summit
Future Logistics
Automotive Purchasing and Supply Chain | Three6Zero Ltd© 2004-2019