Novelis Inc. announced that the
European Commission has approved its proposed acquisition of Aleris Corporation.
The approval is conditioned upon the sale of Aleris' plant in Duffel, Belgium, which produces aluminum for the automotive and specialties
markets. Novelis is working expeditiously to market the plant to potential buyers, with the chosen counterparty and the definitive
agreement for divestiture subject to European Commission approval.
With this conditional approval in the European Union, as well as a clear path forward for approval in the U.S., Novelis continues to work
closely with the Chinese State Administration for Market Regulation (SAMR) to receive its approval.
The company expects to close the transaction by 21 January 2020, the outside date under the merger agreement.