The European Commission cleared Indian aluminum and copper producer
Hindalco Industries to buy U.S. aluminum producer Novelis for $6 billion.
Novelis produces rolled aluminum and estimates that it makes 19% of the world’s flat-rolled aluminum products, according to the company’s Web site.
Based in Atlanta, Georgia, Novelis operates throughout North America, South
America, Europe and Asia. The company reported a net loss of $275 million in 2006, with net sales of $9.8 billion.
The commission found that the acquisition would not impede European competition as Hindalco’s European activities are very limited.
Hindalco, based in India, posted 7.21 billion rupees ($176 million) in net profit between January and March of this year. Revenue for the same period reached INR47.5 billion
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