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 MUMBAI, India (AP) - Indian aluminum and copper producer Hindalco Industries Ltd. announced Sunday it plans to pay $3.6 billion to take over Canadian aluminum producer Novelis Inc.
The all-cash acquisition would make Hindalco the largest rolled-aluminum products manufacturer in the world, a company statement said. Hindalco also would take over Novelis' debt of $2.4 billion.
The planned Hindalco takeover comes less than two weeks after India's Tata Steel won a bidding war for European steel maker Corus Group PLC when its $11.3 billion offer topped a bid by a Brazilian company.
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