Constellium divests Chinese joint venture as part of Vision 2028 strategy
Constellium has sold its ownership stake in its automotive structures joint venture in Changchun, China, along with its partner, to a Chinese automotive holding company. The Changchun facility manufactures aluminium crash management systems and other structural components for the Chinese automotive...
Gulf aluminium producers accelerate overseas acquisitions amid geopolitical and supply chain risks
Aluminium producers in the Gulf are increasing overseas acquisitions and investments as they seek to strengthen supply chains, expand market access and reduce exposure to regional risks. The trend comes as geopolitical tensions in the Middle East and disruptions around the Strait of Hormuz...
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Rio Tinto to undergo another impairment due to Alcan division
Despite efforts to put the ill-fated 2007 acquisition of Alcan behind it, the continued weakness in aluminum prices hints at yet another hefty impairment this year for Rio Tinto. The Anglo-Australian company will look at the carrying value and goodwill of all its businesses ahead of the release of...
SouthGobi shares hit by Chalco's withdrawal of bid
Shares of SouthGobi Resources Ltd. tumbled almost 17 per cent Tuesday after Aluminum Corporation of China Ltd. withdrew its offer for up to a 60-per-cent stake in the coal miner. Chalco and Turquoise Hill Resources cancelled a deal Monday that would have seen the company formerly known as Ivanhoe...
H.I.G. Europe completes aquisition of Rio Tinto’s ALTEO Alumina Unit
H.I.G. Europe (“H.I.G.”) today announced the closing of its acquisition of the Specialty Alumina business of listed global mining firm Rio Tinto Group. With effect from 1 August 2012, the new group will be renamed ALTEO. With turnover of nearly €300 million, ALTEO is the leading global integrated...
Glencore shows interest to take over Sardinia Alcoa plant
Commodity trading and mining group Glencore has expressed an interest in taking over Alcoa's aluminium plant on the island of Sardinia, Italy's industry ministry said on Friday. "The Swiss multinational (Glencore) confirmed its interest in discussing the Alcoa question, asking for clarifications...
Furukawa-Sky of Aluminum Corp. Japan and Sumitomo Light Metal to merge
Furukawa-Sky (5741) Aluminum Corp., Japan’s biggest maker of rolled aluminum products, agreed to take over Sumitomo Light Metal Industries Ltd. as the companies seek to pare costs and compete with international rivals. Sumitomo Light Metal investors will get 0.346 shares of Furukawa-Sky for each...
Tosyali Seeks Stake in Montenegrin Aluminum Company
Tosyali Holding of Turkey is in talks to buy a stake in Kombinat Aluminijuma Podgorica AD (KAPG), a Montenegrin aluminum producer, through its local unit Toscelik Profil Ve Sac Endustrisi AS, Vecernje Novosti reported, citing unidentified people. Tosyali is negotiating with Oleg Deripaska’s En+...
Vedanta raises its Hindustan Zinc, Balco Bid offers to $3.93 Billion
Vedanta Resources Plc. (VED), controlled by billionaire Anil Agarwal, will raise its offer to increase its stakes in Hindustan Zinc Ltd. (HZ) and Bharat Aluminium Co., seeking control of bauxite mines and India’s biggest zinc maker. The company will ask for shareholder approval on Aug. 28 to offer...
Vedanta Raises Bid for Hindustan Zinc, Balco
U.K.-based diversified miner Vedanta Resources PLC has raised its offers to buy the Indian government’s entire stakes in two of its subsidiaries, Hindustan Zinc Ltd. and unlisted Bharat Aluminium Co. Ltd., or Balco. Vedanta, in a note to shareholders, said it has increased its offer for the Balco...
Nordic Aluminium board committee recommends Lival's buyout bid
Finnish aluminum products and components producer Nordic Aluminium Plc on Friday said that a special committee of independent directors at the company had unanimously recommended a EUR30.00 (USD37.06) per share buyout bid by its major shareholder, local shop lighting manufacturer Oy Lival Ab. The...
MILOS Group acquires trussing and staging brands – LITEC and TOMCAT
Czech Republic based trussing and staging manufacturer MILOS Group announces the recent acquisition of two leading trussing and staging brands – LITEC and TOMCAT. The new deal makes MILOS the largest global aluminum trussing and staging group with the addition of major manufacturing bases in Italy,...
Alumina shows interest in BHP's Brazilian assets
Alumina Limited chief executive John Bevan has said that the miner could be interested in buying BHP Billiton Ltd's alumina assets, following reports that BHP is considering selling its bauxite, alumina and aluminum assets in Brazil, according to The Australian Financial Review. “Alumar [in Brazil]...
Alcoa to sell Texas plant assets and land
Aluminium company Alcoa said on Wednesday it will sell land and other assets at its Rockdale, Texas plant to the Lower Colorado River Authority, a nonprofit public utility and conservation body. Terms of the deal were not disclosed, but Alcoa said it will retain ownership of its smelter and...
Chalco to buy 35.3% of Ningxia Power for $318 Million
Aluminum Corporation of China Ltd., the nation’s biggest producer of the lightweight metal, agreed to buy 35.3 percent of Ningxia Electric Power Group Co. for 2.02 billion yuan ($318 million) to increase energy self-sufficiency. The company, known as Chalco, will buy 23.4 percent of Ningxia Power...
Mongolian government suspended SouthGobi's mining license on Chalco's takeover bid
Chalco’s $925-million (U.S.) offer for a 60 per cent stake in SouthGobi in April produced an unfriendly response: a new investment law limiting foreign companies to 49 per cent ownership of mines. More insidiously, Mongolia has dragged its feet over renewing some of SouthGobi’s licences, scaring...
Voyager Aluminum announces formation of parent company
Voyager Aluminum of Brandon announces the formation of a new parent company called Voyager Industries. Voyager Industries will be the parent corporation for all of their current product lines. The creation of Voyager Industries marks a significant shift for the future of the company. “This move...
Finnish aluminium extruder Nordic Aluminium facing takeover bid
Finnish aluminium extruder Nordic Aluminium is facing a takeover bid from a company owned by its board chairman, the company said Friday. "Nordic Aluminium Plc has today received information according to which Oy Lival Ab has decided to make a takeover bid for Nordic Aluminium Plc's shares," the...
Government plans to invest up to $1.3 billion in Indonesia Asahan Aluminium
The government plans to invest up to Rp 12 trillion ($1.3 billion) in Indonesia Asahan Aluminium, which engages in smelting and producing aluminum, in order to boost its output and prepare the company for an initial public offering, a top minister said. Hatta Rajasa, Indonesia’s chief economic...
Norsk Hydro sells Portuguese extrusion plant
Norwegian aluminium firm Norsk Hydro has agreed to sell its Portalex extrusion plant in Cacem, Portugal, to Germany's Bavaria Industriekapital AG for an undisclosed sum, the company said on Wednesday. The transaction is expected to close on Aug. 31, Hydro said, adding that the plant, which handles...
