Alcan urges shareholders to wait for board's review of Alcoa offer

Tuesday, May 08, 2007
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Canadian aluminium producer Alcan Inc said it will consider rival Alcoa Inc's unsolicited offer and has urged shareholders to wait for the board's review.

"Alcan's board of directors and management remain committed to building and delivering value for shareholders and other stakeholders, and believe that Alcan's strategy and recent performance and accomplishments clearly demonstrate this commitment," the company said in a statement.

Earlier today, Alcoa said it plans to make an offer for all of the outstanding common shares of Alcan for 58.60 usd in cash and 0.4108 of a share of Alcoa stock for each share of Alcan, equivalent to 73.25 usd per Alcan share, giving an enterprise value of about 33 bln usd.

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