Vedanta considers takeover bid for Aleris Corporation
Vedanta Resources Plc. is considering making a bid to buy Ohio-based aluminium rolled products maker Aleris Corporation. Vedanta’s key products are aluminium, alumina, copper, and iron ore among others.
“While there is no certainty that Vedanta will eventually make a bid for Aleris, competitive bidding, if it happens, can make the deal expensive for the acquirer,” sources preferring anonymity said.
Earlier this month, Hindalco Industries Ltd. had made non-binding offer valued at around US$2.5 billion (including debt) through its India aluminium giant’s U.S. unit, Novelis Inc.
Aleris, owned by Oaktree Capital Group LLC and Apollo Global Management LLC, had earlier agreed to a buying bid from the Chinese-origin Zhongwang USA LLC. The deal was called off in November last year after the U.S. officials raised national-security concerns.
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