Zhongwang USA has entered a definitive agreement to acquire Aleris Corporation for $2.33bn, comprising $1.11bn in cash and $1.22bn in net debt.

Zhongwang USA is majority owned and led by Liu Zhongtian, while Aleris is owned and controlled by a syndicate of investors, including Oaktree Capital Management, and affiliates of Apollo Management, and Sankaty Advisors.

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The transaction is expected to close in the first quarter of 2017. Aleris will retain its name and exercise its hold on current operations, contracts or commitments following the transaction.

"Aleris will retain its name and exercise its hold on current operations, contracts or commitments."

Guizhou Geological and Mineral Resource Development Company Limited (GGMR) has reached an agreement with Manas Resources to acquire the latter’s 100% stake in Manas Holdings (Kyrgyz).

Under the terms, Manas Holdings (Kyrgyz) will divest its 100% stake in CJSC Z-Explorer and CJSC Landmark in exchange for A$13.91m ($10.5m).

The transaction is expected to close on or before 30 November 2016.