MONTREAL, May 7 /CNW Telbec/ - Alcan Inc. today announced that it has
received from Alcoa notice of intent to file an unsolicited offer to acquire
all of the outstanding shares of Alcan for US $58.60 in cash and 0.4108 of a
share of Alcoa common stock for each outstanding common share of Alcan.
Consistent with its obligations and focus on delivering value to
shareholders, Alcan's Board of Directors will consider the proposal and how it
could impact the interests of Alcan's shareholders and other stakeholders.
Alcan's Board of Directors and management remain committed to building and
delivering value for shareholders and other stakeholders, and believe that
Alcan's strategy and recent performance and accomplishments clearly
demonstrate this commitment.
Alcan recommends that its shareholders defer making any decision until
the Board has had an opportunity to fully review the expected offer and to
make a formal recommendation as to its merits. Shareholders will be promptly
notified of any recommendation by the Board through a news release and
circular in accordance with applicable securities laws.
About Alcan
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Alcan Inc. (NYSE, TSX: AL) is a leading global materials company,
delivering high quality products and services worldwide. With world-class
technology and operations in bauxite mining, alumina processing, primary metal
smelting, power generation, aluminum fabrication, engineered solutions as well
as flexible and specialty packaging today's Alcan is well positioned to meet
and exceed its customers' needs. Alcan is represented by 68,000 employees,
including its joint-ventures, in 61 countries and regions, and posted revenues
of $23.6 billion in 2006. The company has featured on the Dow Jones
Sustainability World Index consecutively since 2003. For more information,
please visit: www.alcan.com.
Cautionary Statement
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Statements made in this press release which describe the Company or
management's objectives, projections, estimates, expectations or predictions
may be "forward-looking statements" within the meaning of securities laws. The
Company cautions that, by their nature, forward-looking statements involve
risk and uncertainty and that the Company's actual actions or results could
differ materially from those expressed or implied in such forward-looking
statements or could affect the extent to which a particular projection is
realized. Reference should be made to the Company's most recent Quarterly
Report on Form 10-Q or Annual Report on Form 10-K for a list of factors that
could cause such differences.
%B M %C 1 %D Tender Offer
For further information: MEDIA CONTACT: Anik Michaud, (514) 848-8151;
INVESTOR CONTACT: Ulf Quellman, (514) 848-8368
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