After the mega acquisition of Corus group by Tatas, the Birlas seem to have followed suit. In the second mega takeover move of the year, Hindalco Industries Ltd of the Aditya Birla group has agreed to buy US-based aluminum sheet maker Novelis Inc in an all-cash deal worth $6 billion (around Rs 26,500 crore).

“The transaction, expected to be completed in the second quarter, will include $2.4 billion of debt,” Hindalco chairman Kumar Mangalam Birla said in Mumbai on Sunday. The Novelis board has supported Hindalco’s offer of $44.93 a share, which represents a premium of almost 17 per cent over the stock’s closing price on February 9.

Hindalco’s acquisition follows Tata Steel’s $12 billion purchase last month of Corus Group Plc, the biggest British steelmaker, outbidding CSN of Brazil. Suzlon Energy Ltd, the leader in wind turbines, last week offered $1.3 billion for German rival Repower Systems AG, countering an offer from French nuclear-reactor maker Areva SA.

Birla said Hindalco will seek at least 66.66 per cent of votes from Novelis stockholders. Any new bidder for Novelis will be required to pay at least $100 million as a so-called “break-fee”, Hindalco MD Debu Bhattacharya said at a press conference.

On the financing of the takeover, he said Hindalco plans to raise $2.8 billion of debt through a special purpose entity and use $450 million of the company’s own cash. “The company will also borrow $300 million from a group company. The rest will be raised by Novelis,” he said.

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