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Hindalco acquires Novelis

Indias largest non-ferrous metals company has entered into a definitive agreement to acquire Novelis in an all-cash transaction. Hindalco Industries will buy the worlds leading producer of aluminium rolled products, with it valued at approximately £3.07 billion (US$6 billion), including around £1.23 billion (US$2.4 billion) of debt. Under the terms of the agreement, Novelis shareholders will receive £23.01 (US$44.93) in cash for each outstanding common ...