Hindalco calls off AluChem acquisition amid prolonged closing delays
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- ✓Hindalco Industries called off its acquisition of AluChem on Thursday due to long closing delays.
- ✓The company said, "The parties have jointly decided to terminate the Equity Purchase Agreement due to extended closure delays." Hindalco still plans to expand its speciality alumina business and will explore new opportunities in America.
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- Category
- BUSINESS
- Reported By
- Business Line
- Reading Speed
- 2 Minute(s)
- Market Focus
- India Economy
Hindalco and the US-based firm have jointly decided to terminate the equity purchase agreement for the proposed acquisition of AluChem and its speciality calcined and tabular alumina business, the Aditya Birla Group metals flagship said in a late-night filing on BSE on Thursday.
Hindalco Industries, however, maintained that its strategy to expand the speciality alumina business remains intact.
"The proposed acquisition of AluChem Companies, Inc (AlucChem), and its speciality calcined and tabular alumina business, AluChem and the Company, after due consideration, have jointly decided to terminate the Equity Purchase Agreement due to extended closure delays beyond the control of either party," the filing said.
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