|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's range||185.40 - 191.00|
|52-week range||171.10 - 221.20|
|Beta (5Y monthly)||1.17|
|PE ratio (TTM)||9.88|
|Forward dividend & yield||1.20 (0.64%)|
|1y target est||N/A|
GFG Alliance, owned by British commodities tycoon Sanjeev Gupta, has agreed to buy the Duffel aluminium plant in Belgium from Novelis [NVLXC.UL], the group said on Friday. The deal for the plant, which supplies the auto industry and is one of the largest rolling mills in Europe, adds to a string of acquisitions in steel and aluminium across Europe by Gupta's privately-held group. "The deal is consistent with GFG Alliance’s strategy to create an international, vertically integrated aluminium business," GFG said in a statement.
The European Commission said on Tuesday it had approved the acquisition of aluminium automotive body sheets producer Aleris by its larger competitor Novelis on the condition that it sells Aleris's sheets business in Europe. Under EU law, the Commission watches over competition issues in the bloc, and has to approve mergers and acquisitions. "The Commission found that the divested assets constitute a viable integrated business that would enable a suitable buyer to effectively compete with the merged entity.
The U.S. Justice Department on Wednesday filed a lawsuit aimed at stopping Novelis Inc's proposed $2.6 billion purchase of Aleris Corp because of concern over higher prices for aluminium sheet used to make cars. The department said in a statement that the deal would combine two of the four major North American producers of aluminium to make automobile bodies. The department described Ohio-based Aleris as an "aggressive competitor" and said the deal would give Novelis up to 60% of projected domestic capacity.
U.S. aluminium producer Novelis is set to secure EU antitrust approval for its $2.6 billion bid for Aleris, people familiar with the matter said on Thursday. Novelis, which is U.S.-based but owned by India's Hindalco Industries, has agreed to sell Aleris' Belgian plant, the people said, to address European Commission worries that the deal may reduce competition and lead to higher prices, hitting carmakers in particular. The Commission, which is scheduled to decide on the case by Oct. 7, declined to comment.
U.S. aluminium producer Novelis is set to secure EU antitrust approval for its $2.6 billion (£2.1 billion) bid for Aleris, people familiar with the matter said on Thursday. Novelis, which is U.S.-based but owned by India's Hindalco Industries , has agreed to sell Aleris' Belgian plant, the people said, to address European Commission worries that the deal may reduce competition and lead to higher prices, hitting carmakers in particular. The Commission, which is scheduled to decide on the case by Oct. 7, declined to comment.
U.S. aluminium producer Novelis has offered concessions to address EU antitrust concerns over its $2.6 billion (£2.15 billion) bid for aluminium producer Aleris, a filing on the European Commission website showed on Monday. The Commission has expressed worries about reduced competition and higher prices as a result of the deal, with carmakers in particular feeling the impact. The EU competition enforcer did not provide details of the concessions, in line with its policy.
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U.S. aluminium maker Novelis must offer concessions to European Union competition authorities by Aug. 9 to gain approval for its $2.6 billion takeover of aluminium processor Aleris, sources close to the matter said. 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. The EU competition enforcer, which is scheduled to decide on the case by Sept. 16, and Novelis declined to comment.
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