Aluminium giant Alcoa's hostile takeover bid for rival Alcan was not stopping the negotiations between Alcan and Coega Development Corporation (CDC) to build a smelter in Port Elizabeth, CDC said in a statement.
"The CDC and Alcan negotiation teams are still meeting for discussions on technical issues for the location and operation of the Coega aluminium smelter in the Coega Industrial Development Zone."
On Monday, Alcoa announced that it would make an offer to acquire all of the outstanding common shares of Alcan for $33-billion, or nearly R230-billion, in cash and shares to create a premier diversified global aluminum company.
The CDC said that the business case for the smelter in the Coega IDZ had been proved beyond reasonable doubt and that it remained solid.
"The CDC will watch the developments of this take-over bid with keen interest as it unfolds," the organisation stated.
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