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Alcoa Launches $33-billion Hostile Bid for Alcan

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Thirteen Chinese Alumina Mills Set Alumina Prices

SHANGHAI,&nbsp;May.11 (CBI China) -- Alcoa Incorporated of Pittsburgh, PA in the United States, has launched a $33-billion hostile takeover offer for Alcan Inc. after merger negotiations failed. If successful, the move would create the world's largest aluminum producer.
&nbsp;&nbsp;&nbsp; Alcoa said Monday that it would offer $58.60 in cash and .4108 of a share of Alcoa stock for its Canadian rival, valuing the deal at $73.25 per share ($33 billion). This represents a 32% premium to Montreal-based Alcan's average closing price on the NYSE during the last 30 trading days and a 20% premium to its all-time high stock price achieved on May 4, 2007.
&nbsp;&nbsp;&nbsp; Alcoa's decision to launch a hostile bid resulted from more than two years of negotiations with Alcan. An Alcoa-Alcan merger would create the world's largest producer of primary aluminum (combined capacity of 7.8 million tons) and alumina (combined capacity of 21.5 million tones).&nbsp; 
&nbsp;&nbsp;&nbsp; It would also be the 5th largest metals company in the world, with combined annual revenue of $54 billion.
&nbsp;&nbsp;&nbsp; The bid for Alcan has opened up the possibility for a potential bidding war, as both BHP Billiton and Rio Tinto have been previously mentioned as potential suitors for one or both companies.
&nbsp;&nbsp;&nbsp; Growell believes the merger between Alcoa and Alcan would not pose any direct threat to the Chinese aluminum smelting industry as CHALCO has already acquired much of Chinese production capacity. Any Alcoa-Alcan merger would be expected to be completed by the end of 2007, according to someone close to the matter.

Lanzhou Aluminum Completes Construction of New Production Line

Alcoa-Launches-33-billion-Hostile-Bid-for-Alcan

Alcoa Launches $33-billion Hostile Bid for Alcan | SMM

Alcoa Launches $33-billion Hostile Bid for Alcan

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