Alcan’s Board Recommends Shareholders Reject Alcoa’s Acquisition Offer

MONTREAL, Canada—Alcan Inc. announced that its board of directors unanimously recommends shareholders reject Alcoa Inc.’s unsolicited offer to acquire Alcan. The board determined that the offer is inadequate in multiple respects and is contrary to the best interests of Alcan’s shareholders. Accordingly, the board recommends that Alcan shareholders not tender any of their shares to Alcoa.