ALCAN OUTDOES STERLITE, STRIKES DEAL WITH FIs FOR INDAL STAKE

Article Abstract:

Alcan of Canada acquired a majority control in Indian Aluminium Company (Indal) by increasing its holding to 54.6 percent from 34.6 percent on June 2, 1998. Indal's shares were acquired in the open market for Rs200 per share. Alcan got a 40 percent response to its open offer, including 36.1 percent from financial institutions (FIs). Since the Foreign Investment Promotion Board had given Alcan permission to acquire 20 percent stake in Indal, the FIs will tender their shares proportionately. (khr)

Comment:

Acquires majority control in Indian Aluminium by increasing holding to 54.6% from 34.6% on 6/2/98

Canada, Aluminum, Primary Aluminum Production, Aluminum Extruded Products, Aluminum Extruded Product Manufacturing, Aluminum industry, Aluminum products, Aluminum extrusions, Indian Aluminium Company Ltd., Article, Alcan Aluminium Ltd.

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STERLITE SET TO BUY MINES IN AUSTRALIA

Article Abstract:

Sterlite Industries (SI) is negotiating to buy Mount Lyell copper mines located in Tasmania and Australia. SI is planning to take over the mines before the end of March 1999. SI has been importing copper ore for its Rs1,000 crore copper smelter at Tuticorin which has a capacity to refine 100,000 tonnes per annum (tpa) of copper anodes. Mount Lyell Copper Mines produces 36,000 tpa of copper ore. The copper mines will be solely held by SI. (rk)(m)

Australia, Copper Mines, Copper Ore and Nickel Ore Mining, Nonferrous Metals, Primary Metal Manufacturing, Tasmania, Copper mining, Metal products, Sterlite Industries (India) Ltd., Mount Lyell Mining

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