WSGR Represents Aleris in Acquisition by Novelis
On February 13, 2019, Aleris International, Inc. (Aleris), a global supplier of rolled aluminum products, announced it received Committee on Foreign Investment in the United States (CFIUS) clearance for its proposed acquisition by Novelis Inc., a wholly-owned subsidiary of Indian company Hindalco Industries Ltd. Wilson Sonsini Goodrich & Rosati represented Aleris in obtaining CFIUS clearance for the acquisition. Receipt of the CFIUS clearance satisfies one of the conditions to the closing of the merger, which remains subject to other customary closing conditions, including receipt of other regulatory approvals. Obtaining CFIUS clearance was a key milestone for the transaction; in 2017, Aleris's proposed acquisition by Zhongwang USA LLC, a Chinese company, was rejected by CFIUS. The acquisition is valued at approximately $2.6 billion, including the assumption of debt.
For more information, please see the U.S. Securities and Exchange Commission 8-K form.