Novelis has received final clearance to complete its acquisition of rolled aluminium company, Aleris.
Previously, the European Commission (EC) determined the acquisition could proceed on the condition Novelis divest Aleris’ plant in Duffel, Belgium to a third party approved by Brussels.
Novelis satisfied that condition when the EC determined proposed purchaser, Liberty House Group, is a suitable buyer of the Duffel facility.
Liberty House Group, which is a part of the Gupta Family Group, intends to acquire the Duffel facility under its newly-formed aluminium vertical, Alvance. Purchase price for the Duffel facility is EUR310m (US$339m).
“Novelis has completed the regulatory review process and is now prepared to close the acquisition and begin integrating Aleris into Novelis,” said Novelis president and CEO, Steve Fisher.
“This will allow Novelis to further extend our position as the world leader in aluminium rolling and recycling and meet increasing customer demand for high-performing, sustainable aluminium solutions.”
With the European Commission’s approval of the buyer, Novelis has now received all regulatory clearances and will move to close the acquisition of Aleris.