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Aluminum September 06, 2019 12:30:44 PM

Novelis Commits to Complete Aleris Acquisition, Despite DOJ Lawsuit

Paul Ploumis
ScrapMonster Author
Novelis expressed confidence that the DOJ suit is unlikely to be an impediment to closing the acquisition transaction.
Novelis Commits to Complete Aleris Acquisition, Despite DOJ Lawsuit

SEATTLE (Scrap Monster): Novelis Inc., reaffirmed its full commitment to ensure successful closing of the proposed acquisition of Aleris Corporation. Also, the company stated that it will vigorously defend the U.S. Department of Justice (DOJ) lawsuit seeking to block the acquisition.

Steve Fisher, President and CEO, Novelis Inc. stated that the DOJ has failed to recognize the full face of competition faced by the company, especially in the automotive market. The merger with Aleris tends to threaten no one. On the contrary, it will only strengthen the company to compete against steel, thereby giving an edge to aluminium companies in the fight against the steel automotive body sheet companies.

Novelis expressed confidence that the DOJ suit is unlikely to be an impediment to closing the acquisition transaction. The transaction will receive all necessary regulatory approvals in the U.S. and in other relevant jurisdictions, it hoped. Meantime, the transaction is expected to close by January 21,2020, as per the merger agreement.