NEW YORK -- Aluminum producer Alcoa Inc. said Thursday it would honor Alcan Inc.'s hydroelectric and water rights agreements with the government of Quebec if the Canadian rival accepts its $27 billion hostile buyout offer.
In a statement, Alcoa Chairman and Chief Executive Alain J.P. Belda said the company has reviewed Alcan's continuity agreement with Quebec and is "very comfortable assuming all of Alcan's existing obligations and other commitments to the Province of Quebec."
The company sent a letter to Alcan's board explaining how it would meet those obligations. Alcoa also told the board it would maintain dual corporate headquarters in Montreal and New York.
Alcoa launched its cash-and-stock bid for Alcan on May 7.
Alcoa shares rose 6 cents to $80.98, while Alcan shares gained 29 cents to $39.34.
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