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Aleris offers to acquire aluminum unit of Corus.

Publication: American Metal Market
Publication Date: 17-MAR-06 		Format: Online
Delivery: Immediate Online Access
Full Article Title: Aleris offers to acquire aluminum unit of Corus.(Aleris International Inc., Corus Group Plc )(Brief article)

Article Excerpt
PITTSBURGH -- Acquisitive Aleris International Inc. is making its biggest move to date with a non-binding offer to acquire the downstream aluminum operations of Anglo-Dutch steelmaker Corus Group Plc for about $840 million, excluding debt.

Aleris, Beachwood, Ohio, and London-based Corus said Thursday they signed a letter of intent for the U.S. company to acquire Corus' rolling and extrusion assets--located mainly in Europe--for 826 million euros ($1 billion). Aleris said that the net cash consideration for the acquisition will be approximately 700 million euros ($852 million), excluding the assumption of approximately 28 million euros ($34 million) of debt and certain other liabilities. Based on 2005 pro forma statements, the combined entity would have revenues approaching $5 billion

The deal does not include two smelters in Delfzijl, the Netherlands, and Voerde,...

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