Novelis receives final clearance from European Commission for Aleris acquisition
Atlanta-based world-leading aluminium rolling and recycling firm Novelis Inc. announced today, on April 8, about the receipt of the final clearance needed to complete the acquisition of Aleris Corporation, a global supplier of rolled aluminium products. Thus, it will now move expeditiously to close the buying deal.
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Earlier, the European Commission had governed a rule that Novelis could acquire Aleris if the former divested Aleris’ plant in Duffel, Belgium, to a third party approved by the Commission. Novelis met the condition, and therefore, the European Commission determined Liberty House Group a suitable buyer of the Duffel facility.
The purchase price of the Duffel facility is €310 million. The facility will be acquired by Liberty House Group under its newly formed aluminium vertical call ALVANCE.
Steve Fisher, President and CEO of Novelis Inc. expects this acquisition to rank up the position of Novelis in the aluminium rolling and recycling industry and help the company meet higher customer demand for sustainable aluminium solutions.
He said: "Novelis has completed the regulatory review process and is now prepared to close the acquisition and begin integrating Aleris into Novelis. This will allow Novelis to further extend our position as the world leader in aluminum rolling and recycling and meet increasing customer demand for high-performing, sustainable aluminum solutions."
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