Alcan Accepts Rio Tinto's 38-Billion dollars Friendly Takeover

摘要

Nearly two months after Alcan Inc. coolly acknowledged Alcoa Inc.'s 28.6-billion dollars takeover approach, the Canadian aluminum giant agreed to a friendly acquisition by the British/Australian mining group Rio Tinto Pic. The offer, unanimously approved and recommended by Alcan's directors, values Alcan at 101 dollars/share - or approximately 38.1 billion dollars. Alcoa withdrew its bid, just three days after extending the offer and two days after announcing a 30-billion dollars credit facility to execute the purchase. "Rio's offer for Alcan strongly reinforces our view of the underlying value in the aluminum industry and its bright prospects for the future," stated Alcoa chairman and CEO. Alain Belda. "However, at this price level, we have more attractive options for delivering additional value to share-holders'