M&A - Asia

China's Zhongwang buys German aluminium extruder ALUnna

BEIJING, Sept 13 (Reuters) - China Zhongwang Holdings Ltd said on Wednesday it had acquired a controlling stake in a German aluminium extrusion firm that mainly supplies aircraft manufacturers.

Zhongwang, the world’s second-largest aluminium extruder, would hold a 99.72 percent equity interest in Aluminiumwerk Unna AG (ALUnna) via its wholly owned German subsidiary, Zhongwang Aluminium Deutschland GmbH, ALUnna said in a statement.

Zhongwang and ALUnna did not put a value on the deal.

The target firm, based in Unna, near Dortmund, “provides high-end extrusion products, mainly seamless tubes, to world-leading aircraft manufacturers,” Zhongwang said, saying the purchase was its “first international acquisition to strengthen its foothold in the international aviation sector.”

Another Zhongwang company, Zhongwang USA, is seeking to close its acquisition of U.S. aluminium firm Aleris Corp after opposition from U.S. senators.

Zhongwang USA is owned by Zhongwang Chairman Liu Zhongtian but is not part of the listed company.

The deadline for the Aleris transaction to close is Sept. 15, a Zhongwang spokeswoman said.

Zhongwang’s shares closed down 2.19 percent on HK$4.02 ($0.5146) on Wednesday.

$1 = 7.8120 Hong Kong dollars Reporting by Tom Daly; Editing by Edmund Blair