The Pechiney board of directors met on September 12, 2003, to consider a new offer from Alcan with respect to its proposed acquisition of Pechiney. The new offer is a cash/share offer up to € 48.5 consisting of € 47.5 per share plus a € 1 per share supplement if the tender results reach at least 95%. Having carefully considered the terms of Alcan's new offer, and in light of the long-recognized industrial logic of a Pechiney-Alcan combination and the relative merits of this combination versus a viable standalone strategy, the board has determined that such a new offer constitutes the best value alternative available to Pechiney shareholders. The board has consequently determined to recommend to Pechiney shareholders to accept Alcan's new offer, which it views as being in the best interest of the company's shareholders, employees and customers.
The board noted that the offer remains subject to prior approval in phase I by the competition authorities in the European Union and in the U.S., and that Alcan will be filing the revised offer with the securities regulators by September 16, 2003.
Pechiney's website is located at http://www.pechiney.com .