Mumbai, Maharashtra, India

Hindalco announced today that at a special meeting of the shareholders of Novelis held on May 10th, in Atlanta, Ga., USA, the shareholders, by a huge majority, voted to approve the Company's acquisition by Hindalco Industries Limited. 99.8 percent of the votes cast by shareholders were in favor of the transaction.

Under the terms of the transaction, Hindalco, through its subsidiary AV Metals Inc., will acquire Novelis forUS$44.93 per common share in cash. Total enterprise value is estimated at US$6 billion, including debt. Upon completion of the arrangement, Novelis will become a subsidiary of Hindalco.

Hindalco and Novelis have received all required regulatory consents which are a condition to the completion of the transaction. The arrangement remains subject to final court approval under Canadian law. Hindalco expects the transaction to be completed on May 15, 2007.

Source: Hindalco Industries Limited (Business Wire India)

Press release presented here is sourced from the Source mentioned above and is provided on as-is basis. Please contact the Company / Source directly for any further information in regard to this release. This website will be unable to assist you in regard to the accuracy or correctness of information in this release.

You can filter News by Source: All News, from ANI or from BWI

Mayawati readies to head single-party-govt. in UP after 14 yrs
Mayawati-led Bahujan Samaj Party (BSP) emerged as the single largest party by winning 208 seats in the 403-member Uttar Pradesh Assembly on Friday, becoming the first political outfit in the last 14 years to get absolute majority in the state. ANI

President Kalam calls for more creative leadership
President A P J Abdul Kalam today said that the country needs creative leadership who would be more as a coach and mentor. ANI

Pranab calls upon states to expedite constitution of Haj committees
External Affairs Minister Pranab Mukherjee today urged the states to expedite the formation of State Haj Committees in accordance with the provisions of the Haj Committee Act 2002. ANI

India committed to scientific research, technical cooperation in Poles: Pranab
External Affairs Minister Pranab Mukherjee today said that India remains committed to scientific research and technical cooperation in the Polar Regions. ANI

Some of the Government files have been reportedly torn in the Uttar Pradesh Assembly House
Some of the Government files have been reportedly torn in the Uttar Pradesh Assembly House by some people under the instructions of Samajwadi Party leader Azam Khan. ANI

Mayawati takes a dig at exit polls, credits people of UP for BSPs tremendous victory
Taking a sarcastic dig at various exit polls that predicted a hung Assembly in Uttar Pradesh, Bahujan Samaj Party (BSP) leader Mayawati said on Friday that her partys tremendous victory is the victory BSPs ideology of social inclusiveness and faith of the people of Uttar Pradesh in democracy. ANI

BJP condemns controversial CD after ECs direction
As directed by the Election Commission, the Bharatiya Janata Party (BJP) on Friday publicly condemned the controversial CD that was allegedly distributed during the Uttar Pradesh Assembly polls. ANI

CPI-ML favours cancellation of Shahabuddins Lok Sabha membership
The CPI-ML-Liberation has said that it will hold a protest outstide Parliament on May 16 to demand the cancellation of Lok Sabha MP Mohammed Shahabuddins membership, following his life imprisonment. ANI

Tamil Nadu Governor Barnala lauds Karunanidhis contributions
Tamil Nadu Governor Surjit Singh Barnala today lauded Chief Minister Muthuvel Karunanidhi for his contributions to the state in over 50 years of public service. ANI

Telangana MLA remanded to judicial custody
Rebel Telangana Rashtra Samithi MLA S Bapurao was sent to judicial custody for two weeks today in connection with the human trafficking scam. ANI

BSP activists, supporters celebrate outside Mayawatis Lucknow residence
Celebrations were the order of the day at Bahujan Samaj Party bastions across Uttar Pradesh as drum beats mingled with the noise of firecrackers to celebrate the partys success in the UP Assembly elections. ANI

Eyes Of the Nation Canberra bids adieu from IAF
The jet bomber that destroyed adversaries since 1957 and continued its run till the 1999 Kargil War today finally bid adieu from the Indian Air Force, completing a historic 50 years of service. ANI

Mulayam submits resignation to UP Governor
Uttar Pradesh Chief Minister Mulayam Singh Yadav has submitted his resignation to UP Governor TV Rajeswar, after conceding defeat in the just concluded elections. ANI

BSP victory in UP may impact on upcoming presidential polls
The result of the Uttar Pradesh Assembly elections is likely to have a bearing on the presidential elections scheduled for July. ANI

20 killed in Bihar bus mishap
At least 20 people were killed and 18 others injured when a bus they were travelling in skidded and fell into the Ganges River at Hajipur near Patna. ANI

BSP set to form government in Uttar Pradesh
The Bahujan Samaj Party (BSP) is all set to form the next government in Uttar Pradesh, as trends and results show the party pushing firmly towards securing a majority in the 403-member State Assembly. ANI

NCPs youth wing condemns Delhi CMs remarks on Poorvanchal immigrants
Delhi Chief Minister Sheila Dikshit might have apologised for her remarks on the migration of people from Uttar Pradesh and Bihar to the Capital, but the youth wing of the Nationalist Congress Party (NCP) today said that the statement was highly uncalled for. ANI

Rally to commemorate 150th anniversary of 1857 uprising culminates (Lead:1857 uprising)
The rally to commemorate the 150th year of the1857 uprising against British colonialists culminated on Friday with a grand function at the historic Red Fort in Delhi. ANI

Kashmirs Gujjar-Bakarwals lament lack of security
Gujjar-Bakarwals, the Kashmiri tribals, have criticised that the State Government was not paying any heed to their security, and that everything that was available in Jammu and Kashmir, was only meant for people belonging to the higher classes. ANI

Lok Sabha adjourned till Monday in memory of 1857 martyrs
Lok Sabha Speaker Somnath Chatterjee today adjourned proceedings of the House till Monday in the memory of the 1857 martyrs. ANI

Hafiz Saeeds brothers fate hangs in the balance
Hafiz Saeeds brother, Imam Muhammad Masood, and his family will have to wait for five more months before they learn whether they are to be deported from the United States or allowed to stay. ANI

A Mayawati and B R Ambedkar leading in UP polls
Few may take notice in the heat of the electoral battle for control of the Uttar Pradesh Assembly, but there is a Mayawati and a B R Ambedkar contesting the State polls, both on Bahujan Samaj Party (BSP) tickets. ANI

Celebrations to commemorate 150th anniversary of 1857 uprising begin
To commemorate the 150th year of the1857 uprising against British colonialists, a grand function was organised at the historic Red Fort in Delhi on Friday morning. ANI

Vadodra student artists nailed by VHP for depicting deities in bad light
Two students of Vadodras prestigious M S University are facing charges of showing deities indecently in their works. ANI

Soaring temperatures fail to dampen tourism spirit in Jaipur
Despite rising temperatures, Jaipur is witnessing an unprecedented rise in the number of foreign tourist arrivals, thanks to hospitality industry discounts. ANI

Relatives of fake encounter victims demand justice
Relatives of fake encounter victims took out a candle light march in Amritsar on Thursday evening, demanding justice. ANI

China approves five-year space development plan
Chinas State Council has in principle approved the countrys 11th five-year plan on space development at a conference held on Thursday.According toa China Daily report, Chinese Vice Premier Zeng Peiyan stressed that the 11th five-year period (2006-2010) is key to Chinas space development. ANI

Malayalam actor Mammootys remarks on 2002 Gujarat riots draw protests
Youth activists of Bharatiya Janata Yuva Morcha (BJYM) have threatened to stop screening of popular Malayalam actor Mammootys films, angry over his remarks on 2002 Gujarat riots. ANI

President to give away National Technology Day 2007 Awards
On the occasion of the National Technology Day, President Dr. A P J Abdul Kalam will give away the national awards to the eminent individuals and industries in various disciplines here today. ANI

Central Wakf Council meet today
The 51st meeting of the Central Wakf Council under the Chairmanship of Minority Affairs Minister, A.R. Antulay will be held here today. ANI

Counting begins amid tight security
The counting of votes for 402 Assembly Constituencies in Uttar Pradesh is underway, amid tight security arrangements. ANI

Initial trends give BSP lead in five seats
Counting of votes in Uttar Pradesh began at 7 a.m. today with the first trends coming in favour of the main Opposition party the Bahujan Samaj Party (BSP), which has been predicted to emerge as the single largest party after the just concluded Assembly Elections. ANI

Affordable, Innovative and Effective Solutions to Drive European Autoimmune Diseases Therapeutics Market
Business Wire India

Consumer Awareness Increases Potential for Significant Market Growth for North American Portable Power Solutions
Business Wire India

Mavric Systems Records 74% Growth in Revenues
Business Wire India

GVK Biosciences Appoints Manni Kantipudi as President
Business Wire India

99acres.com Introduces a Projects Based Search
Business Wire India

Novelis Shareholders Approve Acquisition by Hindalco 99.8 % vote in Favour of Hindalco
Business Wire India

Also see International News / Press Releases on May 11, 2007