October 1, 2019 / 9:39 AM / 16 days ago

EU Commission clears Novelis' acquisition of Aleris, with conditions

FILE PHOTO: A staff checks finished aluminum coils at the facility of flat-rolled aluminum products maker Novelis, part of Aditya Birla Group, in Sierre, Switzerland, September 12, 2018. REUTERS/Denis Balibouse/File Photo

BRUSSELS (Reuters) - The European Commission said on Tuesday it had approved the acquisition of aluminum automotive body sheets producer Aleris by its larger competitor Novelis on the condition that it sells Aleris’s sheets business in Europe.

Under EU law, the Commission watches over competition issues in the bloc, and has to approve mergers and acquisitions.

“The Commission found that the divested assets constitute a viable integrated business that would enable a suitable buyer to effectively compete with the merged entity. Feedback received from market participants on the proposed commitments confirmed the Commission’s view,” it said in a statement.

“The Commission therefore concluded that the transaction, as modified by the commitments, would no longer raise competition concerns,” it said.

Reporting By Jan Strupczewski; editing by Philip Blenkinsop

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