Hindalco completes $44.93-per-share acquisition of Novelis

By Lisa Kerner

Charlotte, N.C., May 15 - Hindalco Industries Ltd. completed its acquisition of Novelis Inc. for $44.93 per share in an all-cash transaction valued at $6 billion including debt.

Novelis will operate as a subsidiary of Hindalco and is no longer traded on the New York Stock Exchange.

Hindalco, through its wholly owned subsidiary AV Metals Inc., acquired 75,415,536 common shares of Novelis, or 100% of the issued and outstanding common shares. AV Metals transferred the common shares of Novelis to its wholly owned subsidiary AV Aluminum Inc.

The companies entered into an agreement on Feb. 10, and Novelis shareholders approved the deal on May 10.

"The arrangement has created significant value for Novelis shareholders while at the same time providing new opportunities for the future of the combined company," Novelis chief operating officer Martha Brooks said in a company news release.

Located in Mumbai, India, Hindalco is a non-ferrous metals company and part of the Aditya Birla Group.

Novelis is an Atlanta-based producer of aluminum rolled products.

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