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MarketScreener Homepage  >  Equities  >  NATIONAL STOCK EXCHANGE OF INDIA  >  Hindalco Industries    HINDALCO   INE038A01020

HINDALCO INDUSTRIES

(HINDALCO)
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Justice Department Sues To Block Novelis's Acquisition of Aleris

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09/04/2019 | 04:28pm EDT

By Kimberly Chin

The Justice Department filed an antitrust lawsuit with the U.S. District Court for the Northern District of Ohio on Wednesday that sought to block Novelis Inc.'s proposed acquisition of Aleris Corp.

The department said the move aims to "preserve competition" and would block the merger of "two of only four" North American producers of aluminum auto body sheet. "The loss of a competing supplier of aluminum auto body sheet ultimately would harm American car buyers," said Assistant Attorney General Makan Delrahim of the Justice Department's antitrust division.

"Novelis intends to vigorously defend against the DOJ's challenge, which it believes is without merit," the company said in a release, adding that the agency ignores competition from a large swath of the market: steel automotive-body sheet makers.

Aleris couldn't immediately be reached for comment.

The division said it would allow the defendants to refer the issue to binding arbitration if certain conditions are met. The arbitration would help bring to a close the issue of product market definition.

Last summer, Novelis agreed to acquire Aleris by paying $775 million in equity and assuming $1.8 billion in debt.

The Atlanta-based Novelis is a leading producer of aluminum rolled products for automotive and beverage can sheet. It is a wholly-owned subsidiary of Hindalco Industries Ltd., which is headquartered in Mumbai, India.

The Cleveland-based Aleris provides flat-rolled aluminum products for the automotive, aerospace, and building and construction industries.

Write to Kimberly Chin at kimberly.chin@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
HINDALCO INDUSTRIES 3.16% 202.15 End-of-day quote.-13.37%
LME ALUMINIUM CASH 0.66% 1762.5 End-of-day quote.-5.14%
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Financials (INR)
Sales 2020 1 278 B
EBIT 2020 95 990 M
Net income 2020 46 272 M
Debt 2020 397 B
Yield 2020 0,61%
P/E ratio 2020 9,73x
P/E ratio 2021 8,78x
EV / Sales2020 0,66x
EV / Sales2021 0,60x
Capitalization 451 B
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Mean consensus BUY
Number of Analysts 18
Average target price 235,89  INR
Last Close Price 202,15  INR
Spread / Highest target 42,5%
Spread / Average Target 16,7%
Spread / Lowest Target -15,9%
EPS Revisions
Managers
NameTitle
Satish Pai Managing Director & Executive Director
Anil Kishan Kumar Malik President, Secretary & Compliance Officer
Kumar Mangalam Birla Chairman
Praveen Kumar Maheshwari Chief Financial Officer & Executive Director
Pradip K. Banerjee Chief Technology Officer
Sector and Competitors
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HINDALCO INDUSTRIES-13.37%6 124
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HINDALCO INDUSTRIES LTD-9.51%6 124
ALUMINA LIMITED4.78%4 717
ALCOA CORPORATION-18.47%4 071