WASHINGTON, March 9 (Reuters) - Novelis Inc HALC.NS gained antitrust approval for its proposed $2.6
WASHINGTON, March 9 (Reuters) – Novelis Inc HALC.NS gained antitrust approval for its proposed $2.6 billion buy of Aleris Corp on situation it divest a part of its auto physique provide enterprise, the Justice Division stated on Monday.
The division sued in September to cease the deal to mix two of the 4 main North American producers of aluminum to make car our bodies. As an alternative of going to trial, the division took the dispute to arbitration, the place the federal government prevailed.
“Because of this, Novelis should divest Aleris’s total aluminum auto physique sheet operations in North America, which can absolutely protect competitors on this necessary business,” the division stated in a press release.
These operations are in Aleris’ Lewisport, Kentucky plant, Novelis stated in a press release.
Atlanta-based Novelis, an entirely owned subsidiary of Hindalco Industries Ltd, should additionally reimburse the federal government for its prices.
Novelis Chief Govt Steve…