US aluminum producer Novelis has offered concessions to address EU antitrust concerns over its US$2.6 billion bid for aluminum producer Aleris, a filing on the European Commission website showed on Monday, August 12.
The Commission has expressed worries about reduced competition and higher prices as a result of the deal, with carmakers in particular feeling the impact.
The EU competition enforcer did not provide details of the concessions, in line with its policy. It is expected to seek feedback from rivals and customers before deciding by October 7 whether to clear the bid.
The company could make a written commitment to boost capacity and add 80 new jobs at the Aleris plant in Duffel, Belgium, to allay regulatory concerns that capacity may be curtailed to increase prices, people with knowledge told Reuters.
According to Reuters, Novelis stated it was working constructively with the Commission.
“While we have no definitive information to share at this time, we are exploring a range of options, including potential remedies, with the continued aim of closing the transaction by the end of this calendar year,” Novelis said in a statement.
Full Content: Reuters
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
FTC Urged to Enforce Rarely Used Antitrust Law Against Retail Giants
Mar 28, 2024 by
CPI
UK’s Fingleton Bolsters Team with New Additions
Mar 28, 2024 by
CPI
Britain’s Competition Regulator Clears Aviva’s Acquisition of AIG Life UK
Mar 28, 2024 by
CPI
White House Implements New AI Safeguards to Protect Rights and Safety
Mar 28, 2024 by
CPI
Denver Court Sets August Date for Kroger-Albertsons Merger Showdown
Mar 28, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Real Estate & Antitrust
Mar 27, 2024 by
CPI
Systematic National Evidence of Steering by Real Estate Agents
Mar 27, 2024 by
CPI
Compliance Now! Actionable Antitrust Advice for the Residential Real Estate Industry
Mar 27, 2024 by
CPI
Real Estate Commissions: Some Insights from the Economics of Multi-Sided Platforms
Mar 27, 2024 by
CPI
New Ideas for Promoting Real Estate Brokerage Price Competition
Mar 27, 2024 by
CPI