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

Yves Fortier, chairman of Alcan’s board of directors, stated, “Alcan’s board of directors has thoroughly evaluated Alcoa’s offer and concluded that it fails to meet the best interests of Alcan shareholders. It does not adequately reflect the value of Alcan’s extremely attractive assets, strategic capabilities and growth prospects, does not offer an appropriate premium for control of Alcan, and is highly conditional and uncertain. Furthermore, it is clear to us that Alcan and Alcoa have fundamentally different approaches and track records in creating shareholder value. We are convinced that the proposed Alcoa-led acquisition of Alcan is not the right choice for our shareholders.”