Novelis Receives Court Approval for Acquisition by Hindalco
May 14 2007 - 2:44PM
PR Newswire (US)
ATLANTA, May 14 /PRNewswire-FirstCall/ -- Novelis Inc. (NYSE:NVL)
(TSX: NVL) announced today that it has received approval from the
Ontario Superior Court of Justice for the arrangement whereby
Hindalco Industries Limited (BSE:HINDALCO) will acquire Novelis.
Under the terms of the transaction, Hindalco, through its
subsidiary, will acquire Novelis for US$44.93 per common share in
cash. Total enterprise value is estimated at US$6.0 billion,
including debt. Upon completion of the arrangement, Novelis will
become a subsidiary of Hindalco. Hindalco and Novelis have received
shareholder and court approval and all required regulatory consents
which are conditions to the completion of the transaction. Novelis
expects the transaction to be completed on May 15, 2007. About
Novelis Novelis is the global leader in aluminum rolled products
and aluminum can recycling. The Company operates in 11 countries,
has approximately 12,900 employees, and reported revenue of US$9.8
billion in 2006. Novelis offers the capability to provide its
customers with a regional supply of technologically sophisticated
rolled aluminum products throughout Asia, Europe, North America and
South America. Through its advanced production capabilities, the
Company supplies aluminum sheet and foil to the automotive and
transportation, beverage and food packaging, construction and
industrial, and printing markets. Visit http://www.novelis.com/.
About Hindalco Hindalco Industries Limited is Asia's largest
integrated primary producer of aluminum and a leading integrated
producer of copper. Based in Mumbai, India, Hindalco recorded
revenues of approximately US$4.3 billion for the fiscal year ended
March 31, 2007. Hindalco's integrated operations and operating
efficiency have positioned the company among the most
cost-efficient aluminum producers globally. Hindalco's stock is
publicly traded on the Bombay Stock Exchange, the National Stock
Exchange of India Limited and the Luxembourg Stock Exchange. Visit
http://www.hindalco.com/. Statements made in this news release
which describe Novelis' intentions, expectations or predictions may
be forward-looking statements within the meaning of securities
laws. Examples of forward-looking statements in this news release
include those related to Novelis' expectation to complete the
transaction on May 15, 2007. Novelis cautions that, by their
nature, forward- looking statements involve risk and uncertainty.
We do not intend, and we disclaim any obligation, to update any
forward-looking statements, whether as a result of new information,
future events or otherwise. Important risk factors which could
impact Novelis are included under the caption "Risk Factors" in our
Annual Report on Form 10-K for the year ended December 31, 2006, as
filed with the SEC, and are specifically incorporated by reference
into this news release. DATASOURCE: Novelis Inc. CONTACT: Media
Contact: Charles Belbin, +1-404-814-4260, , Investor Contact: Eric
Harris, +1-404-814-4304, , both of Novelis Inc.; Hindalco Media
Contact: Dr. Pragnya Ram, +91 22 6652 5160 (office), +91 98 2102
4395 (mobile), Web site: http://www.novelis.com/
http://www.hindalco.com/
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