Posted in | News | Ferrous Alloys and Metals | Materials Processing | Business | Iron and Steel | Aluminum / Aluminium

Corus Complete Divestment of Aluminium Rolled Products and Extruded Products Businesses to Aleris

Aug 3 2006

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On 24 May 2006, Corus Group plc (Corus) and Aleris International Inc. (Aleris) announced that they had signed a definitive Share Purchase agreement for the sale of Corus' downstream aluminium rolled products and extrusions businesses for a gross consideration of EUR826m (£570m).

Following the completion of external regulatory clearances, Corus can today announce the completion of this transaction, effective from 1 August 2006, and the receipt of net cash proceeds of EUR 696m (£480m), after deducting pension liabilities, net debt and minority interests. The sale proceeds will be used to strengthen further the Group's balance sheet and develop the carbon steel business.

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