A controversial Chinese metals entrepreneur plans to acquire Aleris, a privately held American rolled aluminium products producer, for $1.11bn in cash plus $1.22bn in net debt.
The buyer Liu Zhongtian is the founder of China Zhongwang, a Hong Kong-listed, mainland based company that makes and exports aluminium products. Mr Liu has been controversial since Zhongwang’s 2009 Hong Kong IPO, most recently for allegations that the company was primarily responsible for flooding world markets with Chinese aluminium products, writes Lucy Hornby in Beijing.
The Hong Kong listed firm was also accused last summer by a previously-unknown short seller of inflating sales.
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