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Novelis is granted Chinese antitrust approval for Aleris purchase

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Novelis is granted Chinese antitrust approval for Aleris purchase

Hindalco Industries Ltd. unit Novelis Inc., an aluminum producer, secured approval from China's antitrust authority, State Administration for Market Regulation, for its proposed US$2.6 billion purchase of Ohio-based aluminum-maker Aleris Corp.

As part of the approval, Novelis said Dec. 20 that it agreed to sell Aleris' aluminum plant in Duffel, Belgium, to an independent third party.

In October, the European Commission granted conditional approval of the deal. The company sees a clear path for approval from U.S. authorities despite an injunction filed in September over competition concerns.

Closing is expected by Jan. 21, 2020.