Source: Moneycontrol.com
Aluminum manufacturer Hindalco Industries Ltd is considering a bid to acquire a U.S. maker of aluminum rolled products as a move to advance the India-based company’s efforts to expand its reach into the automotive and aerospace sectors.
The private equity owners of Aleris Corporation, located in Cleveland, Ohio, ended talks with China Zhongwang Holdings last month due to heightened U.S. national security concerns and now find the company courted by Hindalco, through its U.S.-based subsidiary Novelis, as well as several other firms, including Norsk Hydro of Norway, Japan’s UACJ Corp., and Arconic (formerly Alcoa). Aleris Corporation is valued at approximately $2.5B, although a bidding war could escalate that figure to greater than $3B.
Read more: “Hindalco Eyes Aleris Corp. to Tap Growing Aluminium Demand”
