MoreAlcan expects to make an offer today to acquire Alcan for cash and stock.
Alcoa Inc. expects to make an offer today to acquire all of the outstanding common shares of Alcan Inc. for $58.60 in cash and 0.4108 of a share of Alcoa common stock for each outstanding common share of Alcan. Based on Alcoa’s closing stock price on May 4, 2007, the offer has a value of $73.25 per Alcan share or approximately $33 billion in enterprise value.
“This offer follows almost two years of discussions between our companies regarding a variety of potential business combination transactions, including unsuccessful board-level discussions of a merger transaction last fall,” said Alain J.P. Belda, chairman and chief executive officer of Alcoa. “We are very disappointed that those efforts did not result in a negotiated transaction, a conclusion we would have strongly preferred. We believe firmly in the compelling strategic rationale behind the combination of Alcoa and Alcan, and are convinced that this transaction creates substantial value for both sets of shareholders and for our customers around the world.”
Additional details are available at www.alcoa.com. Alcan’s website is located at www.alcan.com.
Alcoa Inc. expects to make an offer today to acquire all of the outstanding common shares of Alcan Inc. for $58.60 in cash and 0.4108 of a share of Alcoa common stock for each outstanding common share of Alcan. Based on Alcoa’s closing stock price on May 4, 2007, the offer has a value of $73.25 per Alcan share or approximately $33 billion in enterprise value.
“This offer follows almost two years of discussions between our companies regarding a variety of potential business combination transactions, including unsuccessful board-level discussions of a merger transaction last fall,” said Alain J.P. Belda, chairman and chief executive officer of Alcoa. “We are very disappointed that those efforts did not result in a negotiated transaction, a conclusion we would have strongly preferred. We believe firmly in the compelling strategic rationale behind the combination of Alcoa and Alcan, and are convinced that this transaction creates substantial value for both sets of shareholders and for our customers around the world.”
Additional details are available at www.alcoa.com. Alcan’s website is located at www.alcan.com.
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