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| India aluminium firm buys Novelis |
| India's largest aluminium producer, Hindalco Industries, has agreed to buy its US-Canadian rival Novelis for $5.9bn (£3bn) in an all-cash deal
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| INDIA
, 12-February-2007
9:40:18 AM |
| The deal values Novelis at $3.5bn, as Hindalco is also paying off the North American firm's $2.4bn debt.
Novelis is the world's largest producer of rolled aluminium and its customers include Coca-Cola and the world's largest canmaker Rexam.
It comes two weeks after Indian steel firm Tata bought Anglo-Dutch Corus.
'Catapult'
Novelis is headquartered in Atlanta, Georgia, but registered as a Canadian company.
Its shares are listed in both Toronto and New York.
"This is India's largest acquisition of a North American company and will catapult us into a Fortune 500 companies list," said Hindalco's boss Kumar Birla.
Hindalco's shares were down 9% in Monday trading following the announcement.
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