Chinese tycoon to buy US aluminium maker for $2.33b

SHANGHAI: A Chinese billionaire has agreed to acquire US aluminium maker Aleris Corporation for $2.33 billion including debt, one of his companies said, the latest overseas takeover by a Chinese firm.

Zhongwang USA, an investment firm controlled by Liu Zhongtian, said in a statement it would pay $1.11 billion in cash for Cleveland-based Aleris and take on its net debt of $1.22 billion. Liu is the founder and chairman of Hong Kong-listed China Zhongwang, which is the world’s second-largest manufacturer of industrial aluminium extrusion products, it said. His net worth is estimated at $3.1 billion by American financial publication Forbes.