An India-based business website is reporting that Mumbai-based conglomerate the Aditya Birla Group is finalizing an offer to buy Cleveland-based aluminum producer Aleris.
The online article by the LiveMint.com website says two different sources have confirmed the negotiations, which began in late 2017, are nearly ready to result in a definitive agreement.
The anonymous sources say the two firms are finalizing an agreement on how to handle anti-trust and foreign investment matters, dividing responsibilities between Aleris and Novelis, an Atlanta-based aluminum producing subsidiary of Aditya Birla. (Aditya Birla also owns Hindalco, one of India’s largest aluminum producers.)
The LiveMint article notes the United States Committee on Foreign Investment (CFI) previously rejected an acquisition bid for Aleris from investors associated with Chinese aluminum producer Zhongwang Holdings Limited.
One of the article’s sources says the deal is being valued in the $2.6 billion range, financed with a combination of debt and Novelis funds.
The current majority owner of Aleris is Los Angeles-based Oaktree Capital Management, which purchased the firm out of bankruptcy protection in 2010. Aleris currently makes rolled aluminum and other products at 13 facilities in North America, Europe and China.
Aleris operates melt shops that consume aluminum scrap in several locations, including in Davenport, Iowa; Lewisville, Kentucky; Uhrichsville, Ohio; and Richmond, Virginia.
豫公网安备41010502003434号