According to reports, The European Commission has approved the acquisition of Aleris by 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 to Reuters.
“The Commission therefore concluded that the transaction, as modified by the commitments, would no longer raise competition concerns,” it said.