CHICAGO 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 possible."
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).