MONTREAL, Quebec The next-to-last hurdles to its $6.2-billion takeover of PECHINEY appear to be behind ALCAN. The French Conseil des Marchs Financiers (CMF), the European Commission, and the United States Department of Justice have given the green light to the acquisition, dependent on certain conditions.
Alcan has agreed to divest itself of Pechiney's aluminum rolling mill in Ravenswood, W.Va., at the insistence of the Department of Justice. To meet the European Commission's regulatory concerns the Canadian company has agreed to divest either its 50% share in the AluNorf rolling mill and its Gottingen and Nachterstedt rolling mills or Pechiney's rolling mills at Neuf-Brisach, Rugles and, if necessary, the Annecy rolling mill. Alcan's Latchford casting operations can also be added to either the AluNorf or Neuf-Brisach packages. In addition, Alcan has agreed to undertakings with the European Commission for the licensing of alumina refining technology, aluminum smelter cell technology and anode baking furnace designs. Alcan will also eliminate the overlap arising from Alcan's and Pechiney's activities in aluminum aerosol cans and aluminum cartridges.
All that remains is the approval of Alcan shareholders to complete the acquisition. Further information about the offer is available at www.alcan.com by clicking "Alcan's Offer for Pechiney."