Hindalco Industries Completes Acquisition Of Novelis Inc.

Hindalco Industries Ltd has informed that Novelis Inc. on May 15, 2007 has announced the completion of its acquisition by the Company. The transaction makes the Company with Novelis, the worlds largest aluminum rolled products Company and one of the largest producers of primary aluminum in Asia, as well as being Indias leading copper producer. Novelis will operate as a subsidiary of the Company.The Company entered into an agreement with Novelis, dated February 10, 2007, to acquire the Company in an all-cash transaction which values Novelis at approximately US $ 6.0 billion, including debt. Under the terms of the agreement, Novelis shareholders will receive US $ 44.93 in cash for each outstanding common share. Novelis shareholders approved the transaction at a special meeting on May 10.Based in Mumbai, India, the Company is the flagship Company of the Aditya Birla Group, a multinational conglomerate with annual revenue of US $ 14 billion and a market capitalization in excess of US $ 23 billion.