Norsk Hydro, the global aluminium company, has made a last-minute approach to acquire Asia Aluminum, a high-profile Chinese company placed in provisional liquidation this year after foreign investors spurned a $1.2bn debt restructuring.
The late intervention of the Norway-listed company, a leading global supplier of aluminium and related products, throws a potential lifeline to offshore investors lobbying against a restructuring plan that they fear will wipe out their holdings.
The future of Asia Aluminum, among the world's top three aluminium processing companies, is being watched closely across the region and in debt markets as an important guide to investor rights, as mainland companies scramble to restructure their finances in the downturn.