Aleris-Novelis Deal Gets Conditional OK in Europe
By Metal Center News Staff
on Oct 6, 2019
The proposed acquisition of Aleris by Novelis Inc. has received approval from the European Commission. The approval is conditioned upon the sale of Aleris' plant in Duffel, Belgium, which produces aluminum for the automotive and specialties markets.
Novelis is working to market the plant to potential buyers, with the chosen counterparty and the definitive agreement for divestiture subject to European Commission approval.
Novelis is also working toward approval in the U.S. and with the Chinese State Administration for Market Regulation. The company expects to close the transaction by Jan. 21, 2020, the outside date under the merger agreement.