Novelis Clears Final Hurdle in Aleris Acquisition

SEATTLE (Scrap Monster): Novelis Inc. announced that it has cleared the final hurdle in the acquisition of assets of Aleris Corporation. The European Commission has approved the buyer of Aleris’ Duffel plant, thus clearing the way for earliest closing of the acquisition process.

Earlier, the European Commission (EC) had ordered that Novelis should divest Aleris’ Duffel, Belgium facility to a buyer approved by it. The company had informed the EC about the proposal forwarded by Liberty House Group, a part of London-based GFG Alliance, in purchasing the Duffel facility for a sum of $310 million. The EC approved the proposal, further to its determination that Liberty House Group is a suitable buyer. With this, Novelis has now received all regulatory approvals towards acquiring the leading supplier of rolled aluminium products.

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Steve Fisher, President and CEO, Novelis Inc. noted that it has completed the regulatory review process and is now ready to close the transaction and begin integrating Aleris into Novelis. This will allow the company to further solidify its position as the world leader in aluminium rolling and recycling. Furthermore, it will help the company better meet the ever-increasing customer demand for high-performing, sustainable aluminium solutions.