Hindalco and AluChem scrap joint acquisition amid prolonged CFIUS review

Hindalco Industries and AluChem jointly decided to abandon their intended acquisition, announcing the termination on October 1 after CFIUS-related delays proved insurmountable. The deal, originally revealed in June 2025 with an expected closing window of two to four months, encountered a series of interruptions caused by U.S. federal government shutdowns that halted statutory CFIUS timelines. Hindalco submitted a short-form declaration on August 6, 2025, which triggered a 30-day assessment ending September 10, after which CFIUS requested a long-form filing that was delivered on September 30.

The shutdown beginning October 1, 2025, and a later partial shutdown in February 2026, led to a temporary suspension of review deadlines. CFIUS can impose mitigation measures or refer unresolved cases to the President, but in this instance the parties opted to withdraw. The episode highlights how CFIUS scrutiny can delay or derail cross-border transactions, especially when external factors disrupt the review schedule.