Hindalco Industries is among potential buyers that submitted bids for US aluminum producer Aleris, people with knowledge of the matter said, as Indian billionaire owner Kumar Mangalam Birla moves ahead with plans to expand his overseas operations.
Hindalco made a non-binding offer through its US unit, Novelis, and will now conduct due diligence, according to the people. A deal could value Aleris at about $2.5 billion including debt, the people said, asking not to be identified because the information is private.
Ohio-based Aleris, which is owned by Oaktree Capital Group and Apollo Global Management, had earlier agreed to sell itself to Zhongwang USA for an enterprise value of $2.3 billion.
The transaction, left in limbo after US officials raised national-security concerns about the Chinese-backed bidder, and was called off in November after multiple extensions.
Source: Business-Standard 