Swedish company to be Noranda division stalking horse

A unit of Sweden-based Gränges has agreed to submit the initial bid in the planned auction of Noranda Aluminum Holding’s flat-rolled products division.

Gränges executives’ so-called stalking-horse bid for the Noranda unit, which in 2015 produced a segment profit of $60 million on revenues of $550 million, has been set at $303 million. A bankruptcy court hearing in St. Louis is scheduled for June 22; if the stalking-horse bid is approved, other bidders will have a week to submit their own offers. If needed, an auction will then take place July 7.