Hindalco finalizes acquisition of Novelis
Hindalco Industries Ltd., based in Mumbai, India, has completed its acquisition of Novelis Inc., a global leader in aluminum can recycling and aluminum rolled products.
Hindalco acquired Novelis for $44.93 per common share, or approximately $6 billion in cash, which includes the assumption of debt. Novelis will become a Hindalco subsidiary.
According to Novelis, the Ontario Superior Court of Justice approved the deal May 14 and the acquisition closed on May 15, 2007.
Hindalco is Asia’s largest integrated primary aluminum producer. Hindalco had revenue of $4.3 billion for the fiscal year ended March 31, 2007.