U.S. aluminum producer Novelis has no plans for now to offer concessions despite...
BRUSSELS - U.S. aluminum producer Novelis has no plans for now to offer concessions despite EU antitrust objections over its $2.6 billion buy of processor Aleris, people close to the situation said on Thursday.
Novelis, a U.S. unit of India’s Hindalco Industries Ltd, announced a bid for Aleris in July last year to gain a foothold in supplying the aerospace industry and other value-added businesses globally. EU antitrust regulators on Monday sent a charge sheet known as a statement of objections to the companies, setting out their concerns, particularly on the impact of the deal on carmakers, the sources. The companies have two weeks to respond.
The EU competition enforcer also said the deal may affect the supply and prices of certain aluminum flat rolled products used in the building, construction and floor heating industries.
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