Alcan, Pechiney heads don't discount counterbid for Reynolds

Article Abstract:

Montreal, Canada-based Alcan Aluminum Ltd and France's Pechiney SA, one of its European merger partners, announced that they are nor ruling out a possible move to make a counter offer for Reynolds Metals Co, which has received a hostile $4.3-billion offer from Pittsburgh, PA-based Alcoa Inc. However, an Alcan spokesman later announced that the company has no plans to making a counter bid for Reynolds at this moment. Observers also said that a counter offer is not a logical move for Alcan, which previously announced a plan to merge with Pechiney and Alusuisse Lonza Group AG.

Canada

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Alcoa forges friendly union with Reynolds

Article Abstract:

Aluminum Company of America, based in Pittsurgh, PA, has tendered a $4.4- billion merger proposal to Reynolds Metals Co of Richmond, VA, to maintain its top position in the world aluminum market. The deal also eliminates any possibility of Reynolds being bought by the three-way alliance of Alcan Aluminum Ltd, Pechiney SA and Alusuisse Lonza Group AG. Should the consolidation push through, the new company will have annual sales of $20.5 billion and will control over 16% of the global market.

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Alcoa strikes back with bid for Reynolds

Article Abstract:

Pittsburgh, PA-based Alcoa Inc's US$4.2-billion takeover offer for Richmond, VA-based Reynolds Metals Co overshadowed the three-way merger led by Montreal,Canada-based Alcan Aluminum Ltd. Most analysts are predicting that Reynolds will not likely accept the cash-and-share offer. Alcoa's offer along with the merger of Alcan, France-based Pechiney SA and Switzerland-based Alusuisse Lonza Group is putting pressure on other players in the aluminun industry to seek their own alliances.

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