Exclusive: EU to block Novelis, Aleris deal unless concessions offered - sources
 

[August 02, 2019]  BRUSSELS (Reuters) - EU antitrust regulators will block Novelis' [NVLXC.UL] $2.6 billion bid for steel processor Aleris [TXPACA.UL] if the U.S. aluminum producer does not offer concessions by Aug. 9, people familiar with the matter said.

Novelis, part of India's Hindalco Industries Ltd, bid for Aleris in July last year in an attempt to gain a foothold in supplying the aerospace industry and other value-added businesses globally.

The European Commission last month sent a charge sheet known as a statement of objections to the companies, setting out their concerns as to why the deal could hurt competition, in particular for carmakers which use their products.

(Reporting by Foo Yun Chee; Editing by Jan Harvey)

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