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Hindalco tanks 8% on buzz of Aleris acquisition worth $2.5 billion

19 July, 2018 8:45 AM
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Shares of Hindalco lost around 8 percent on Thursday afternoon after reports emerged that it is likely to acquire Aleris for USD 2.5 billion.

According to sources to CNBC-TV18, the company and its Canadian arm, Novelis, is in process of raising debt for the said deal. Investors may have taken note of this point as the firm already has a consolidated net debt of Rs 40,000 crore.

Further, the report added that the companies agreed on terms of the deal last week.

Hindalco is said to be exploring an option of American Depository Receipts (ADRs).

Source: moneycontrol.com

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