Noonday Asset Management buys 6.4% stake in Novelis

By Lisa Kerner

Charlotte, N.C., March 19 -Investors led by Noonday Asset Management. LP purchased 4.79 million shares of Novelis, Inc.'s common stock between Feb. 22 and March 15 priced from $43.63 to $43.98 per share for investment purposes, according to a schedule 13D filing with the Securities and Exchange Commission.

Noonday Asset Management and its affiliates now have a 6.4% stake in the Atlanta-based provider of aluminum rolled products.

On Feb. 12, Hindalco Industries Ltd. said it entered into a definitive agreement to acquire Novelis in an all-cash transaction worth an estimated $6 billion, including $2.4 billion of debt.

The agreement calls for Novelis shareholders to receive $44.93 in cash for each outstanding common share in a transaction slated to close in the second quarter of 2007.

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