Alcan to Alcoa: We can do better.
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Manufacturing News, Source : The Manufacturer US
Published : 24 May 2007 0:40
Alcan directors have unanimously recommended that shareholders reject Alcoa's takeover bid, and make no secret that they have other irons in the fire. Chiefly, mining company BHP Billiton.
Alcan board chair Yves Fortier said that the offer "does not adequately reflect the value of Alcan's extremely attractive assets, strategic capabilities and growth prospects," and arguing that after two years of negotiations, "at no time was Alcan presented a compelling proposal, either in terms of economics, structure or conditionality." Alcan further accuses Alcoa of flouting standards of confidentiality and, in essence, discipline in its very public bid for Alcan.
The analyst community believes Alcan is more vulnerable to (and receptive to) a bid from the mining community, chiefly BHP Billiton Ltd. and Rio Tinto Plc.
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