The European Commission has granted clearance under European Union merger regulations to the acquisition of joint control of US-based aluminium sheet producer Aleris International by TPG Advisors IV and TPG Advisors V, the EC said Monday.
TPG IV and TPG V are units of the Texas Pacific Group, private equity funds with investments in a number of diverse portfolio companies.
Aleris is active in the recycling and processing of aluminium into aluminium alloys, primarily in the US, but also in Europe, and is also involved in the purchase of aluminium scrap in Europe, the EC noted.
Aleris announced in August that it had signed a definitive merger agreement to sell all of its outstanding stock to private investment firm Texas Pacific for around $1.7 billion plus the assumption of or repayment of around $1.6 billion of debt.
Also in August 1, 2006 Aleris closed the acquisition of the downstream aluminium business of UK-Dutch steel producer Corus for a purchase price of Eur695 million ($887 million).
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