China Aluminum Co. Kills $2.3B Aleris Deal Amid CFIUS Woes

Law360, New York (November 13, 2017, 2:07 PM EST) -- A U.S. unit of China's Zhongwang International Group said Monday it has scrapped its planned $2.3 billion takeover, including debt, of private equity-backed aluminum manufacturer Aleris Corp., amid uncertainty about the deal's ability to secure approval from the Committee on Foreign Investment in the United States.

Zhongwang USA LLC said it decided along with Aleris to terminate the deal as of its Nov. 12 expiration date because of "uncertainty related to the receipt of CFIUS approval." According to Aleris, CFIUS in July had said it had concerns about the deal, prompting them to withdraw the filing to allow more time to...

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