NEW YORK (TheStreet) -- Shares of Constellium (CSTM) - Get Reportwere climbing 12.08% to $5.94 on heavy trading volume late-Monday afternoon after privately-held competing aluminum producer Aleris said it would be purchased by Zhongwang USA for $2.33 billion.

Zhongwang USA is a subsidiary of Zhongwang Int'l, which owns China Zhongwang.

In the deal, the company will pay Cleveland-based Aleris $1.11 billion and assume the company's $1.22 billion in debt, according to a company statement.

Aleris will continue to operate in Cleveland as an independent entity and will retain its management board.

Constellium is a Netherlands-based aluminum products and solutions manufacturer.

More than 1.8 million shares of Constellium have traded so far today vs. the 30-day daily average of roughly 843,000 shares.

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