US sues to stop Novelis purchase of Aleris
Updated : September 05, 2019 09:47 AM IST
The US Justice Department on Wednesday filed a lawsuit aimed at stopping Novelis Inc’s proposed $2.6 billion purchase of Aleris Corp because of concern over higher prices for aluminum sheet used to make cars.
The department said in a statement that the deal would combine two of the four major North American producers of aluminum to make automobile bodies.
The department described Ohio-based Aleris as an “aggressive competitor” and said the deal would give Novelis up to 60 percent of projected domestic capacity.