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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Jamaica government seeking to divert shares in alumina company
The Jamaica government says it is still interested in divesting its shares in Clarendon Alumina Partners (CAP). Science, Technology, Energy and Mining Minister Phillip Paulwell said all options will be considered for the sale of the government’s 45 per cent stake in Jamalco, which it owns through...
Novelis growth strategy sees a key shift
Novelis, owned by the Aditya Birla Group flagship company, Hindalco Industries, has been selling its loss-making assets for a while, even if it means selling a smelter in a high-growth market like Brazil. Now, it has gone a step ahead and decided to sell a business that is doing well, but doesn’t...
Vedanta to Indian government: $3.4 billion for Bharat Aluminium and Hindustan Zinc
London-based Indian metals and mining company Vedanta Group has offered INR170 billion ($3.4 billion) to buy the Indian government's remaining stakes in Hindustan Zinc and Bharat Aluminium, according to Vishwapati Trivedi, secretary at the Ministry of Mines. Purchasing the stakes will give...
Austrian regional bank boosts stake in AMAG
Raiffeisenlandesbank Oberoesterreich has increased its voting stake in Austrian aluminium group AMAG to 16.4 percent by acquiring an extra 4.7 percent stake. The regional bank signed an agreement on March 19 to acquire the extra shares, AMAG said on Tuesday. The move had been expected as main owner...
Vedanta offers Rs16,000 cr for HZL, Balco stakes
London-based Vedanta Resources Plc. has offered nearly Rs16,000 crore for buying the government’s residual stakes in Hindustan Zinc Ltd, or HZL, and Bharat Aluminium Company, or Balco, at a time when the government is hard pressed to raise funds to reduce its fiscal deficit. Analysts said the deal,...
Parekh Aluminex Ltd acquires American Foils Inc.
Parekh Aluminex Ltd is in process of acquiring 100% shares of American Foils Inc based in USA, by which it will become a wholly owned subsidiary of the company. American Foils Inc. is engaged in the business of manufacturing of Aluminium Pans / Rolls / Containers / Foils etc. This acquisition would...
Rio Tinto May Sell French Aluminum Factory, Les Echos Reports
Jean de Maurienne, France, Les Echos reported, citing an announcement the company made to workers at the plant. The plant, which employs 600 people, received a very competitive offer of electricity supplies from Electricite de France SA, the newspaper reported. Still, the site’s production costs...
California Firm Buys Kaiser Smelter
A California company that acquires old industrial locations has paid $1.5 million for the former Kaiser Mead smelter operation. New Mill Capital, LLC, plans to convert some of the existing buildings on the 183-acre North Spokane site into usable industrial locations for new tenants, said Gregory...
Noranda Aluminum Acquisition Corporation Announces Expiration of Early Tender Date and Withdrawal Date in Offer for its Senior Floating Rate Notes Due 2015
Noranda Aluminum Acquisition Corporation ("Noranda"), a leading North American integrated producer of value-added primary aluminum products, today announced that the Early Tender Date (as defined below) in respect of its previously announced modified "Dutch Auction" tender offer (the "Offer") for a...
REFILE-Alcoa courted by three suitors for Italian plant
Three potential investors want to assess data for an aluminium smelter in Italy which the U.S. group Alcoa has decided to close, paving the way to a sale of the plant, a senior Alcoa official said on Thursday. Alcoa said in January it would close its Portovesme smelter on the island of Sardinia,...
Guinea bauxite acquisition could transform Alecto Minerals says broker
Alecto Minerals’ (LON:ALO) acquisition of bauxite licence 223 in Guinea could quickly transform the company into a producer, broker Fox-Davies said today. Analyst Peter Rose said the area could potentially host a bauxite resource of over 500 million tonnes and is contiguous to the 3.1 million tonne...
Novelis to Sell Aluminum Foil Assets in Europe
Aluminum products maker Novelis Inc is selling three foil-manufacturing plants in Europe to focus on premium product markets such as beverage cans and automobiles, it said on Monday. The company, which is the U.S. unit of India's Hindalco Industries Ltd, said the buyer was American Industrial...
Fitch places Vedanta Aluminium on RWP on proposed merger
Fitch Ratings has placed India-based Vedanta Aluminium Ltd's (VAL) National Long-Term Rating of 'Fitch A-(ind)' on Rating Watch Positive (RWP). A complete list of rating actions is provided at the end of this commentary. The rating actions follow Vedanta Resources Plc's (VRPLC, the parent, Issuer...
Govt to take over Inalum for $700m, Hatta says
The government will take over aluminum producer PT Indonesia Asahan Aluminium (Inalum) in a transaction deal, which will be worth up to US$700 million, when the company’s contract ends in 2013. Coordinating Economic Minister Hatta Rajasa said in Jakarta on Friday that the acquisition value was...
Sterlite offers Rs 16,000-cr to buy Govt’s stake in HZL, Balco
Sterlite Industries has offered Rs 16,000 crore to buy out government’s stake in Hindustan Zinc and Balco, almost a decade after Anil Agarwal-led firm acquired majority holding in zinc and aluminium producers. The offer was made in January but Vedanta Resources, the parent company of Sterlite, is...
VAL a headache for Vedanta Resources
If Vedanta scrapped its 2008-initiated ambitious restructuring based on business verticals, it was primarily due to two reasons: the valuation of Africa’s Konkola Copper Mines (KCM) and a slowdown that had begun to plague the economy. Four years later, the metals and mining company is back with...
Vedanta Aluminium says losses are short-term
As share prices of both Sesa Goa and Sterlite plummeted today, after Vedanta announced the merger of its loss-making entity Vedanta Aluminum Ltd (VAL) into the newly-formed company Sesa Sterlite, the Jharsuguda-based VAL said the losses were only short-term and linked to the fluctuation in metal...
Vedanta Eyes Streamlined Structure With Merger Plan
Vedanta Resources plans to simplify its structure by placing all but one of its subsidiaries under the umbrella of a single unit, as part of a efforts to cut costs, improve access to cash and reduce the India-focused miner's debt burden. FTSE-100 diversified miner Vedanta, which has underperformed...
