Chinas antitrust authorities have approved a merger to
create the worlds largest aluminum extrusion company.
The Ministry of
Commerce has given the green light to a 50-50 joint venture
between Norsk Hydro ASA and Orkla ASA, parent company of Sapa
Group, Hydro said Aug. 19.
The joint venture, to
be named Sapa, had already been approved by the U.S. Justice
Department, the European Union Commission (
amm.com, May 13) and officials in several other
countries, Norsk Hydro said.
The go-ahead from
Chinese officials was the final hurdle, the company said. "The
parties intend to close the transaction as soon as
The deal is expected
to be completed by Sept. 1, a Sapa executive said at an
AMM conference in June (
amm.com, June 20).
Hydro and Orkla, both
based in Oslo, Norway, proposed combining their aluminum
profiles, building systems and tubing businesses last year (
amm.com, Oct. 15).