India’s Hindalco Buys Novelis Aluminum
February 12, 2007
Atlanta-based aluminum giant Novelis Inc. has agreed to a $6.4 billion takeover by Indian aluminum producer Hindalco Industries Ltd, the companies said.
Hindalco of Mumbai, India, will pay $44.93 a share in cash for all Novelis stock and assume $2.4 billion of debt in a friendly deal that would make Hindalco the world’s largest rolled-aluminum products maker, the companies said in a joint statement.
The board-approved takeover, subject to shareholder and regulatory approvals, is likely to be completed by June, Hindalco said.
The deal comes less than two weeks after India’s Tata Steel beat a Brazilian company in a bidding war for Anglo-Dutch Corus Group PLC, paying $11.3 billion to create the world’s fifth-largest steelmaker.