Novelis
From Wikipedia, the free encyclopedia
Novelis Inc. is a Canadian company headquartered in Toronto involved in aluminum rolling and aluminum can recycling. It was spun off from Alcan's rolling division and incorporated in January 2005. Novelis has executive offices located in Atlanta, GA. On February 11, 2007, the company entered into a definitive agreement to be acquired by India's Hindalco for U$6 billion, which makes the combined entity the world's largest rolled-aluminium producer.
On May 15, 2007, the acquisition was completed with Novelis shareholders receiving $44.93 per outstanding share of common stock. As a result the stock is no longer listed on the TSX and NYSE.
[edit] References
- Novelis confirms sale talks; stock jumps 24% from Canadian Broadcasting Corporation News, January 26, 2007
- Hindalco to Buy Novelis for $6 Billion, Add Products
- India's Hindalco To Pay $6 Billion Including Debt For Novelis
