Noonday ups stake in Novelis to 8.4%

By Lisa Kerner

Charlotte, N.C., April 5 - Novelis, Inc. investors led by Noonday Asset Management, LP and Farallon Capital Partners, LP purchased 1,560,212 shares of the company's stock between March 19 and April 4 priced from $43.90 to $44.28 per share, according to a schedule 13D filing with the Securities and Exchange Commission.

Noonday Asset Management and its affiliates now have an 8.4% stake in the Atlanta-based provider of aluminum rolled products, up from 6.4% on March 19.

On Feb. 12, Hindalco Industries Ltd. said it entered into a definitive agreement to acquire Novelis for $44.93 per share in an all-cash transaction worth an estimated $6 billion, including debt.

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