Deals
Billionaire Birla’s Deal to Buy Aleris Faces U.S. Hurdle
- DOJ says Novelis to lock up 60% of U.S. capacity after deal
- Novelis says its proposed deal with Aleris ‘threatens no one’
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Indian billionaire Kumar Mangalam Birla’s Hindalco Industries Ltd. faces another regulatory hurdle for its $2.6 billion proposed purchase of U.S. aluminum parts maker Aleris Corp., this time from Washington.
The Justice Department filed a civil antitrust lawsuit seeking to block the purchase by Hindalco’s U.S. unit Novelis Corp. The case cited the need to preserve competition in the North American market for rolled aluminum sheet for automotive applications. The deal also faced antitrust objections in the European Commission earlier this year.