11 JULY 2016Gränges AB Press Release
Gränges wins auction in process to acquire aluminium business in the US
Edited by : AL CIRCLE
1 min read
Gränges AB has emerged as the winner in the court supervised auction to acquire Noranda Aluminum Holding Corporation’s downstream aluminium rolling business in the United States. The final bid values the business and related assets to USD 324.2 million on a cash and debt free basis (Enterprise Value). The transaction is anticipated to be accretive to Gränges earnings per share in 2016.
Gränges and Noranda have obtained required clearances for the transaction under US antitrust laws and Gränges has secured committed bank financing for the transaction. Gränges' Board of Directors may also consider to utilize the mandate given by the Annual General Meeting 2016, which entitles the company to issue new shares in Gränges up to 10 per cent of the total number of shares outstanding.
Should Gränges receive final approval as buyer from the US Bankruptcy Court, an announcement is anticipated in mid-July, 2016. Closing is expected during the third quarter of 2016.
The information in this press release is such that Gränges must disclose pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, on Friday, 8 July, 2016, at 08.45 CET.
Gränges and Noranda have obtained required clearances for the transaction under US antitrust laws and Gränges has secured committed bank financing for the transaction. Gränges' Board of Directors may also consider to utilize the mandate given by the Annual General Meeting 2016, which entitles the company to issue new shares in Gränges up to 10 per cent of the total number of shares outstanding.
Should Gränges receive final approval as buyer from the US Bankruptcy Court, an announcement is anticipated in mid-July, 2016. Closing is expected during the third quarter of 2016.
The information in this press release is such that Gränges must disclose pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, on Friday, 8 July, 2016, at 08.45 CET.
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