MONTREAL - Alcoa Inc. said on Thursday that under its $28 billion takeover for Alcan Inc. , it would keep the Canadian company's Quebec and global expansion projects.
Alcoa said it sent a letter to Alcan's board of directors outlining how it would meet the Canadian company's obligations on investment in Quebec when combining the operations of the two big aluminum makers.
Alcoa said it not only would honor both company's current plans for expansion and job growth in Quebec, but was prepared to carry forward three key Alcan projects worldwide.
Those listed were: a 720,000-tonne aluminum smelter at Coega, South Africa; the 2008 start-up of the 350,000-tonne Sohar smelter joint venture in Oman; and a new integrated power plant, alumina refinery and 720,000-tonne aluminum smelter at Ma'aden, Saudi Arabia.
Alcan has a preferential power rate under long-term contracts with Quebec government-owned utility Hydro-Quebec, and waterways rights that are key to its ability to economically produce aluminum in the Canadian province.
In return, Alcan has made commitments on investing in the province and maintaining its head office in Montreal. Alcoa said its unsolicited offer honors those commitments.
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