Zhongwang withdraws proposed acquisition of Aleris
The acquisition deal between China Zhongwang and Cleveland’s Aleris Corporation has been called off on November 12, 2017. Aleris Corporation announced in a press release on Monday that the merger agreement will not proceed following the Committee on Foreign Investment in the United States (CFIUS) did not approve.
“In July 2017, CFIUS raised concerns about the transaction, and the parties withdrew their filing while extending the merger agreement to allow for additional discussions,” according to Aleris press release.
Sean Stack, Aleris Chairman and CEO said. "While this is not the outcome we intended, we remain committed to our growth strategy and have made great strides over the past year in expanding our capacity and developing the capabilities required to meet the future demands of our industry. This includes our automotive expansion project in Lewisport, KY, which is beginning to serve customers."
In August 2016, Aleris Corporation, a global aluminium rolled products producer, announced that it had entered into a definitive agreement to be acquired by Zhongwang USA LLC.
Awaiting LAUNCH! AlCircle’s New Report on Aluminium Rolled Products in Automotive Industry
Next articleU.S. aluminium foil converters concerned over the ripple effects of extra tariffs on Chinese foils
Grow with
AL Circle
