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[September 2003]
Pechiney Board Recommends Alcan's New Offer
The Board of Directors of Pechiney (Paris, France) met on 12 September 2003 to consider a new offer from Alcan with respect to its proposed acquisition of Pechiney. The new offer is a cash/share offer up to €48.5 consisting of €47.5 per share plus €1 per share supplement if the tender results reach at least 95%.
Having carefully considered the terms of Alcan's new offer - and in the light of the long recognised industrial logic of a Pechiney-Alcan combination and the relative merits of this combination versus a viable standalone strategy - the board determined that such a new offer constituted the best value alternative available to Pechiney's shareholders. The board said it was pleased that this combination would allow its employees to contribute to a global leader in aluminium and packaging activities. It consequently determined to recommended its shareholders to accept Alcan's new offer which it views as being in the best interests of the shareholders, employees and customers.
The board noted that the offer remained subject to prior approval in phase I by the competition authorities in the EU and the USA and that Alcan would be filing the revised offer with the securities regulators by 16 September 2003.
ENDS