On Friday, December 20, Atlanta-based rolled and recycled aluminium firm Novelis Incorporation confirmed the receipt of approval from China’s State Administration for Market Regulation (SAMR) for its acquisition of Aleris Corporation for US$2.6 billion.
As per the firm, this was the final approval required for the purchase, as Novelis already received a sign-off on the transaction from the appropriate United States and European Union regulatory agencies.
Earlier this month, the firm announced that Sanjeev Gupta’s GFG Alliance already reached an agreement with Novelis to buy Aleris’s Duffel aluminium rolling mill in Belgium, allaying the Commission’s fears of an anti-competitive scenario had Novelis retained the plant.
Novelis’ President and CEO Steve Fisher noted, “This is a significant step forward in uniting these two world-class manufacturing companies. The approval we have received from China will allow us to further enhance our strategic position in Asia and diversify our overall product portfolio.”
The company believes the acquisition of Aleris would enhance its ability to compete in the global aluminium markets against steel and also help in meeting customer’s needs and accomplishing its recycling goals.
The final closure of the sale is expected within the next 30 days.
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