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Thursday, February 5, 2015

Private equity-backed aluminum processor Aleris scraps IPO plan, (NYSE: OAK)

Aluminum processor Aleris Corp IPO-ARS.N filed on Thursday to withdraw its $500 million initial public offering, nearly three years after postponing the listing due to market conditions.Cleveland, Ohio-based Aleris had planned to list 31.3 million shares in a price range of $15 to $17. At the upper end of this range, the company would have been valued at about $1.8 billion.The withdrawal is a blow to the private equity firms that own Aleris. Oaktree Capital Management LP, a unit of Oaktree Capital Group LLC, and Apollo Global Management are among its biggest shareholders.Apollo failed to comment on the withdrawal of the IPO filing. Neither Aleris nor Oaktree were available for comment.

Oaktree Capital Group, LLC (Oaktree) is a global investment management firm focused on alternative markets. Shares of OAK traded higher by 0.6% or $0.33/share to $55.00. In the past year, the shares have traded as low as $45.30 and as high as $62.30. On average, 347165 shares of OAK exchange hands on a given day and today's volume is recorded at 296450.