Yves Fortier

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. 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,

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