Novelis receives approval from Chinese antitrust authority for proposed acquisition of Aleris

Novelis Inc.Asian Metal Copyright, the world leader in aluminum rolling and recycling, recently announced that China's State Administration for Market Regulation SAMR has approved its proposed acquisition of Aleris Corporation.Asian Metal Copyright, the world leader in aluminum rolling and recycling, recently announced that China's State Administration for Market Regulation (SAMR) has approved its proposed acquisition of Aleris Corporation.

As part of the approval, Novelis has agreed to sell the Aleris plant in Duffel, Belgium to an independent, third party.

"The approval we have received from China will allow us to further enhance our strategic position in Asia and diversify our overall product portfolio," said Steve Fisher, President and CEO of Novelis.

In addition, the transaction will strengthen Novelis' ability to compete against steel in the automotive market, meet growing customer demand for aluminum, achieve the company's recycling goals, and bolster its sustainability platform worldwide.

With SAMR approval and having received conditional approval in the European Union, as well as a clear path forward for approval in the U.S.Asian Metal Copyright, the company expects to close the transaction by January 21, 2020, the outside date under the merger agreement.Asian Metal Copyright, the company expects to close the transaction by January 21, 2020, the outside date under the merger agreement.

.Asian Metal Copyright, the company expects to close the transaction by January 21, 2020, the outside date under the merger agreementAsian Metal Copyright