Alcoa Makes Offer to Acquire Alcan

MONTREAL, Canada & NEW YORK, N.Y.—Alcoa Inc. announced that it will be making an offer to acquire all of the outstanding common shares of Alcan Inc. for $58.60 in cash and 0.4108 of a share of Alcoa common stock for each outstanding common share of Alcan. The transaction will create a premier diversified global aluminum company, with a complementary portfolio of assets and enhanced growth opportunities, and better position the combined company to build value for shareholders. Alcoa expected to begin its offer on Tuesday, May 8, 2007.