Hindalco buy of Novelis cleared by EU

BRUSSELS - The European Commission said it cleared the proposed acquisition of US-based aluminium company Novelis Inc by Asia's largest integrated aluminium producer, Hindalco Industries.

The commission said it concluded that the transaction would not significantly impede effective competition in Europe.

Hindalco is also active in the copper industry in Asia, but has no aluminium production facilities outside of India.

The main markets concerned by the transaction are the production of flat rolled aluminium products and, to a lesser extent, some downstream products for aluminium packaging.