A PYMNTS Company

EU: Novelis must offer concessions or face veto for Aleris deal

By  |  August 4, 2019

US aluminum maker Novelis must offer concessions to European Union competition authorities by August 9 to gain approval for its US$2.6 billion takeover of aluminum processor Aleris, sources close to the matter said.

Novelis, part of India’s Hindalco Industries, bid for Aleris in July last year as part of its diversification into the aerospace, automotive, beverage can and construction industries among others.

The European Commission conducted a four-month investigation of the acquisition and last month set out its concerns over how the deal could hurt competition, particularly for carmakers that use the companies’ products.

Novelis and Aleris defended the proposed deal before antitrust officials at a closed-door hearing last week, hoping to address EU competition concerns and secure unconditional approval.

Full Content: Reuters

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.