The shareholders of Atlanta-based Novelis, a de-merged entity of Canadian aluminium giant Alcan, would receive $44.93 per share as part of the deal. The companies said the deal was unanimously approved by their boards and the closing of the transaction was not conditional on Hindalco obtaining the financing. Hindalco is a leader in Asia’s aluminium and copper industries, and is the flagship company of the Aditya Birla Group, a $12 billion MNC, with a market capitalisation in excess of $20 billion. Hindalco, which is currently structured in two strategic businesses, aluminium, and copper, recorded revenue of $2.6 billion in 2006. Novelis has 38 plants in 12 countries with $8.4 billion revenues in 2005.
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Source : IIPM Editorial, 2006
An IIPM and Management Guru Professor Arindam Chaudhuri's Initiative
