novelis aleris merger agreement

novelis aleris merger agreement


“This arbitration would allow the Antitrust Division to resolve the dispositive issue of market definition in this case efficiently and effectively, saving taxpayer resources,” said Assistant Attorney General Makan Delrahim of the Justice Department’s Antitrust Division, in a statement. This website uses cookies to provide you with the best browsing experience.This website uses cookies so that we can provide you with the best user experience possible. In 2018, Aleris’s revenues were approximately $3.4 billion. The department described Ohio-based Aleris as an “aggressive competitor” and said the deal would give Novelis up to 60% of projected domestic capacity. The department said in a statement that the deal would combine two of the four major North American producers of aluminum to make automobile bodies. The Department of Justice this week concluded an arbitration that will resolve a civil antitrust lawsuit challenging Novelis Inc.’s proposed acquisition of Aleris Corporation. Unusually, the Justice Department’s Antitrust Division agreed with the companies to use binding arbitration to define the product market, which is usually the key battle in any antitrust fight as companies seek to make the relevant market as large so they look like relatively small players. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.If you disable this cookie, we will not be able to save your preferences. DOJ Concludes Historic Arbitration Of Novelis-Aleris Deal The parties also dispensed with the need for post-trial briefing and agreed that the arbitrator will render a short decision of no more than five pages by March 13.If the United States prevails, the United States will then file a proposed final judgment that requires Novelis to divest certain agreed-upon assets to preserve competition in the relevant market. Novelis has held separate the agreed-upon divestiture assets pursuant to a hold separate stipulation and order entered by the district court, and defendants are permitted to close the transaction pursuant to this order. The lawsuit seeks to preserve competition in the North American market for rolled aluminum sheet for automotive applications, commonly referred to as aluminum auto body sheet. “We continue to believe that this acquisition will be extremely positive for Aleris customers, employees and shareholders,” Aleris Chairman and Chief Executive Sean Stack said in a statement. REUTERS/Denis Balibouse/File Photo If the defendants prevail, the United States will seek to voluntarily dismiss the complaint. Novelis Acquires Aleris. Reporting by Diane Bartz; Editing by Cynthia Osterman and Richard ChangFILE PHOTO: The logo of aluminum producer Novelis, part of Aditya Birla Group, in Sierre, Switzerland, September 12, 2018. Novelis is a Canadian corporation headquartered in Atlanta, Georgia. 1) Includes $775 million for equity and $50 million earn-out payment based upon Aleris meeting specified commercial margin targets outlined in the Merger Agreement. Prior to filing the complaint, the Antitrust Division reached an agreement with defendants to refer the matter to binding arbitration if the parties were unable to resolve the United States’ competitive concerns with the defendants’ transaction within a certain period of time. The government sued to block the merger of the two aluminum companies in Ohio federal court and announced an unprecedented plan to resolve … As a result, Novelis is now even better positioned to meet increasing customer demand for aluminum by expanding its innovative product portfolio; creating a more skilled and diverse workforce; and deepening its …

Novelis and Aleris have reached an agreement with the Department of Justice that lays out an elaborate set of contingencies for the agency's challenge to their deal, but every scenario should culminate in US antitrust clearance. Former Federal Trade Commission Director of the Bureau of Competition and experienced antitrust lawyer, Kevin Arquit, was selected as the arbitrator. Aluminum producer Novelis says it must divest Aleris' (OTC:ALSD) Lewisport, Ky., plant as part of an agreement with the U.S. Department of Justice. This AGREEMENT AND PLAN OF MERGER (this “Agreement”), dated as of July 26, 2018, is by and among (i) NOVELIS INC., a corporation organized under the laws of Canada (“Parent”), (ii) NOVELIS ACQUISITIONS LLC, a Delaware limited liability company and an indirect, wholly-owned Subsidiary of Parent (“Merger Sub”), (iii) ALERIS CORPORATION, a Delaware corporation (the … Following the close of fact discovery, the matter was referred to binding arbitration to resolve a single issue: whether aluminum auto body sheet constitutes a relevant product market under the antitrust laws. “The Antitrust Division looks forward to the arbitrator’s opinion, and will study this matter both to assess the circumstances in which arbitration may be appropriate and to identify possibilities for further streamlining the process. The deal was announced in July 2018. We will continue to examine ways to enforce our competition laws in a manner that maximizes the Division’s scarce enforcement resources to protect American consumers.”On Sept. 4, 2019, the Justice Department’s Antitrust Division filed a civil antitrust lawsuit in the U.S. District Court for the Northern District of Ohio seeking to block Novelis Inc.’s proposed acquisition of Aleris Corporation. Aleris had previously struck a deal to be purchased by Zhongwang USA, an investment firm backed by a Chinese tycoon, but scrapped it in late 2017 after a national security panel, the U.S. Committee on Foreign Investment in the United States, failed to approve it. As described in Plaintiff United States’ Explanation of Plan to Refer this Matter to Arbitration, filed on the district court’s docket, fact discovery proceeded under the supervision of the district court.


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novelis aleris merger agreement 2020