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Novelis shareholders approve Hindalco acquisition

Novelis shareholders approve Hindalco acquisition
PTI
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First Published: Fri, May 11 2007. 04 49 PM IST
Updated: Fri, May 11 2007. 04 49 PM IST
Mumbai: Aditya Birla group company, Hindalco on 11 May said a majority of the shareholders of American company Novelis have voted to approve the latter’s acquisition by Hindalco.
Of the total votes cast by the shareholders, 99.8% were in the favour of the transaction, Hindalco said in a statement issued here.
The shareholders of Novelis voted in favour of the transaction at a special meeting held on 10 May in Atlanta, US.
Under the terms of the transaction, Hindalco, through its subsidiary AV Metals Inc, will acquire Novelis for $44.93 per common share in cash. The total enterprise value is estimated at $6 billion.
Upon completion of the arrangement, Novelis will become a subsidiary of Hindalco.
Both the companies have received all required regulatory approvals which are a condition to the completion of the transaction. The arrangement, however, remains subject to final court approval under the Canadian law.
Hindalco said it expected the transaction to be completed on 15 May.
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First Published: Fri, May 11 2007. 04 49 PM IST
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