Aleris, about to be bought, may have eyes for Novelis
Nov 27, 2006 | 01:11 PM
| Paul Schaffer
Speculation has been mounting that Aleris International Inc., the Beachwood, Ohio,-based aluminum producer and recycler that's about to be acquired by private investment company Texas Pacific Group LLC, could be maneuvering to take over aluminum rolled products company Novelis Inc.
The executive vice president and chief financial officer of Aleris, Michael Friday, said the guesswork was based on a misreading of recent activity at Aleris. "These are events that have nothing to do with Novelis or anybody else," Friday said.
Does that mean Aleris isn't interested in Novelis? "I would never say that. We've looked at everything there is to look at and will continue to do so," Friday said.
Talk that Aleris is taking a look at its struggling rival escalated at Metal Bulletin's 14th International Recycled Aluminium Conference last week. Executives from the company's European division, VAW-Imco Guss und Recycling GmbH, pulled out at the last minute to take part in management meetings in Europe, which were said to also be attended by Aleris managers from the United States.....
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