The EU competition authority has initiated an investigation into the company Nolesi's acquisition of Aleris in the aluminium market. The purchase price amounted to $ 2.1 billion.
"Our in-depth investigation aims to ensure that Noveli's acquisition of Aleris does not adversely affect competition in the aluminium markets and does not lead to fewer choices and higher prices for European industrial customers," says the European Commissioner for Competition Margrethe Vestager.
If the deal goes through, Novelis will take over Aleris 13 factories spread across three continents. Novelis sees the deal as an opportunity to expand in space and aerospace industry, which has become more lucrative in recent years. The new company would have its headquarters in Atlanta, USA. Novelis is owned by the Indian group Aditya Birla.
Source: Aluminum Insider
